Employment fell in the fourth quarter of last year, while unemployment rose to 8.0%. The number of bankruptcies is also at a record high.
Statistics Sweden’s (Statiska centralbyråns) latest labor force survey shows that unemployment has risen to 8.0 percent, seasonally adjusted, from 7.5 percent in 2022. The government forecasts that it will reach 8.5% in 2025, which is 40,000 more unemployed than in 2023.
– Despite the relatively weak economy, many employers are looking for qualified people to hire. If you lose your job, you should be prepared to relocate or train. Some parts of the country are crying out for workers while unemployment is rising. It doesn’t make sense, says employment and integration minister Johan Pehrson at a press conference.
Unemployment is highest among the foreign-born, who already had significantly higher unemployment rates before the recession.
Employment in the Swedish labor market also fell in the fourth quarter, and the government predicts that it will continue to do so throughout the year. At the same time, the number of bankruptcies is at a record high and will reach its highest level since the 1990s in 2023.