Where is the labor market headed? Many forecasters had predicted an improvement before the year, but it is steadily being pushed into the future. A new economic indicator clock that Sweden's unemployment insurance funds have developed is to provide better answers about the future.
This is a key figure, which should be an early indicator, says Secretary-General Tomas Eriksson.
USA as a model
With the USA as a model, the unemployment insurance funds' umbrella organization will publish monthly figures on new applications for unemployment benefits from one of the country's 24 different unemployment insurance funds.
The American statistics on new applicants who want to receive unemployment benefits sometimes make the stock exchanges hiccup. Tomas Eriksson does not really expect that effect.
But that's where the idea comes from.
In May, there were almost 31,000 new applications for unemployment insurance, two percent fewer than in April, but roughly the same level as in May last year.
But it was clearly lower in 2023. Seen over the last ten years, it is high now, says Eriksson.
So the signals are still unclear.
125,000 stamps
Around 125,000 unemployed are currently receiving unemployment insurance. This can be compared to around 75,000 in 2023 when the labor market situation was significantly better, according to Tomas Eriksson.
Unemployment is significantly higher. According to the Employment Agency, 359,000 people are currently registered as unemployed. But only just over 70 percent of the workforce is part of an unemployment insurance fund. And far from everyone qualifies for benefits.
