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February 15, 2012
Swedish jobless rate continues to climb
Published: 10 Jul 09 13:42 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/20586/20090710/
Nearly a quarter of a million Swedes were registered as jobless at the end of June, an increase of nearly 75 percent compared with the same month last year.
- Swedish unemployment hits 9 percent (18 Jun 09)
- Jobless rate to hit 11 percent: agency (9 Jun 09)
- Swedish unemployment stabilizes at 8.3 percent (26 May 09)
The figure represents a rise in the number of jobless by 99,816 people, an increase of 74.6 percent from the same time last year.
In June, around 10,000 people were given redundancy notices, twice as many as the same month a year ago.
Employment minister Sven Otto Littorin fears that the number of unemployed will continue to rise.
“There is a certain lag, and I believe that unfortunately we will see a continuation in these depressing numbers for the rest of the year,” Littorin told the TT news agency.
He warned that unemployment may continue to rise next year, and that even if the business cycle turns, it may take a significant period of time before unemployment falls again.
“It is normal for it to take a while for unemployment to fall again in a business cycle. But we can’t know what will happen this time because the crisis is global,” said Littorin.
The government has not discussed further assistance measures according to Littorin.
“No, the 4 billion kronor ($500 million) assistance package for job market efforts that we presented in December included an allowance for this autumn,” he said.
The number of vacant positions listed with the Arbetsförmedlingen offices rose in June to 32,763, which is 9,913 fewer than a year ago.
The number of people within Arbetsförmedlingen programmes, such as workplace education, was 115,360, an increase of 74.5 percent.
The number of people employed in various programmes of work support, such as income assistance for disabled people, was 74,422, or around 1.6 percent of the labour market.
This represents a decrease of 11,767 people compared to the same month last year.
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They do have billions, however, for their wars in Afghanistan, and Iraq, which is imploding, and Pakistan, where they are covertly taking over.
Don't blame Sweden for what the United States caused. You have only seen the beginning;things will get worse.
The crash was US-led. The fragility of the European economies was clearly exposed and it is this dependence on the US model that causes places like Sweden or UK to be affected.
The Indo-Chinese economies are the ones that will dig us out of the hole and hopefully after that point the West will learn an important lesson not to rely on US-debt to keep the world economic engine turning.
I like your point about how they have enough money for wars but not for ordinary jobs. Very true.
Another Sweden specific comment is that the SEB and Swedbank are reported to be badly exposed in the Baltic States and the Ukraine due to crazy mortgaging and investment policies along the lines practised by American, British and Irish banks. I wonder when this chicken will come home to roost?