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Norway’s Unemployment Rate for September will be released on November 25. The measure will determine the overall health of the labor market during the month. Analysts see the gauge falling to 3.9% from August’s 4.0%. If experts’ forecast is right, this will be the lowest update so far since March 2020. This might hint that the labor market is swiftly coming back to its pre-pandemic level performance. Countries worldwide started feeling the economic havoc from the covid pandemic around the same time, thus affecting jobs negatively. In August, the country notched a 2.0% gross domestic product growth as restrictions eased. Meanwhile, the administration looks to extend this positive momentum and relax on its border curbs further. In a statement, Norwegian administrators confirmed the end of entry restrictions from some countries starting Friday, November 26. This is expected to boost economic activity further, despite the new covid variant scare from South Africa.
Poland will unveil its October Unemployment Rate on Thursday. Analysts are banking on a 5.5% pace. The forecast is conservatively lower than the 5.6% record in the previous month. Since the start of the year, economists have witnessed a consecutive fall among the unemployed population. This is as the restoration of global trade provided a solid platform for its economic reopening. The jobless rate did now hike more than 6.5% during the year so far. However, the battle towards full recovery is still miles away from over. In a recent update, half a million among the entire Poland’s 38 million citizens are quarantined. This provides a glimpse on how the Covid situation is currently faring. Its Health Deputy Minister warned that cases could surge further and peak by next week if citizens become too complacent. In a brief context, only 54.0% among Polish citizens received full vaccination as of this writing. This could jeopardize the country’s fourth-quarter performance.
The United States will celebrate Thanksgiving on Thursday with a slightly lukewarm mood. The country’s New Home Sales in October dismayed analysts’ expectations after coming at 745,000 in October. The figure is lower than the 800,000 sales forecasts for the month, but slightly higher than the previous month’s 742,000. On a month-on-month basis, the economic measure printed a 0.4% increase which is a sharp downgrade from 7.1% advances recorded previously. Adding on, the US crude oil inventories result came in the red and reported 1.02 million barrels for the previous week. This is higher than the negative 0.49 million barrels expected for the period. This shows that despite the strong demand, supply still outpaces orders significantly. Also, the US released 50 million barrels from its emergency crude reserves. In an update on the United States’ coronavirus pandemic situation, mortality rate peaks to nearly 800,000 as vaccinations lag behind initial target.
Sweden’s Riksbank will decide on its benchmark rates on November 25 and experts are convinced that it will not make a hike. Analysts are convinced that the central bank will leave interest which is now at 0.0% in a status quo until 2023. Meanwhile, one of the economic performance measures of the country’s inflation will be released on the same day. Sweden’s October Producer Price Index (PPI) will be updated later in the day. In September, the economic indicator showed a 17.2% yearly surge while the MoM measure followed with a solid increase of 1.5%. Both results are problematic among spectators as they hint a significant uptrend in prices. This thus makes it difficult for many Swedish businesses to maximize gains. In an update on the country’s covid-19 situation, Sweden’s incumbent administration encourages its citizens aged 18-60 years old to get a booster shot after six months following the second dose. This comes as Europe’s infections soared amid resurgence.