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Swedish unemployment rises

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09:55 CET+01:00
Unemployment continues to rise in Sweden and in October 346,000 people, or 7.8 per cent of the workforce, were either visibly unemployed or involved in some form of labour market programme.

In all, 217,000 were visibly unemployed in October and while visible unemployment is somewhat lower year on year this is explained by the fact that more people (129,000 or 2.9 per cent of the workforce) were employed on labour market programmes.

Labour demand is low with only 24,000 new vacancies registered in October.

...but industry still doing well

The latest figures from Statistics Sweden reveal that Swedish industry continued to enjoy a boom in September with the total volume of orders received up by 2 per cent year on year.

Domestic orders rose by 3.4 per cent while export orders rose by 0.8 per cent. Industrial production increased by 5.3 per cent. The activity index, which gives a guide to growth in the economy, increased by 3.1 per cent year on year.

Rail World interested in Green Cargo

US Rail World, a Chicago-based railway investment and management company, has expressed an interest in acquiring Swedish state-owned rail-freight company Green Cargo.

Earlier this year the Riksdag gave the go-ahead for Green Cargo's privatisation and at that time speculation was rife that the government wished to sell the company to German Railion, a subsidiary of state-owned Deutsche Bahn.

Critics concerned over the German company's dominance in several European markets have suggested that Swedish companies' competitiveness could be undermined if Railion were to acquire Green Cargo. Ikea, Electrolux and SCA have all lobbied against a sale to Railion.

Electrolux announces new management team

Electrolux announced this week that Wolfgang König, head of White Goods Europe, has chosen to leave the Group and that CEO Hans Stråberg will chair the new global leadership team for white goods.

Electrolux, which has posted sluggish sales of white goods around the world, has been finding it tough to achieve its margins and was forced to issue a profit warning in September.

Press officer Jacob Broberg says the company must become better at taking advantage of synergies. He cannot say at present whether there will be further cuts in the workforce as a result of the new management.

Sources: Dagens Nyheter, Svenska Dagbladet, Dagens Industri

Supplied by BECK TRANSLATIONS.

With an experienced team of in-house translators, Beck specialises in translating from Swedish into English in such areas as finance and economics, marketing and advertising, biotechnology, the environment, quality, and personnel & administration.

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