The Swedish national statistics office has reported that the country’s unemployment rate increased to an unadjusted 8.8 percent.
Statistics Sweden (SCB) published on Tuesday the data for the month of March and reported that it has risen by 0.8 percent compared to the same month a year earlier. SCB continued by saying the number of unemployed youths between 20 to 24 has reached to 21.8 percent and the number of jobless within the industrial sector showed a notable increase in the period. The total number of Swedes currently without work equals to 448,000 of a population of about 9,500,000. Chief analyst at Nordea Torbjorn Isaksson said the unemployment rate is higher than what they predicted. The new jobless data was worse-than-expected according to an analyst poll conducted by Dow Jones Newswires, which had forecasted the number of Swedes without work in March at 8.4 percent on an unadjusted basis. When comparing the unemployment rating to other European Union members, Sweden has a higher rate than Germany, Austria, Belgium, the Netherlands as well as its neighboring countries; Denmark, Finland, Iceland, Norway. Sweden is a member of the European Union; however, the country still has its own currency as it stands outside of the eurozone after its citizens rejected the euro in a referendum in 2003.