Norway’s unemployment rate falls to 4.1% in May

The seasonally adjusted unemployment rate in Norway was reported to have decreased to 4.1% in May from a 3-month high of 4.3% in April.

The number of unemployed individuals dropped by 7,000 from the prior month to 123,000, data by Statistics Norway showed.

At the same time, the number of employed individuals decreased by 4,000 from the prior month to 2.880 million in May.

And, the youth unemployment rate in the country, which tracks job-seekers aged between 15 and 24, fell to 12.9% in May from 13.8% in the preceding month.

Finally, the labor force participation rate edged lower to 72.6% in May from 72.9% in April, the data showed.

The Norwegian Krone was last little changed on the day against the Euro, with the EUR/NOK currency pair trading at 11.4083.

The exotic Forex pair has rebounded from a five-month low of 11.2572, which it recorded on June 21st.