Sweden's unemployment rate fell to 3.3 percent in May, its lowest level in 16 years, the AMS state labour board said on Friday. In April, the registered jobless rate was 3.7 percent. While AMS data is based on the number of registered jobless, the statistics office (SCB) bases its official data on a survey.
"This is the lowest relative unemployment and the second lowest number of unemployed for any month since 1991. The decline affects nearly all regions and groups in the labour market," the labour board said in a statement. Sweden's economy has been running at full steam over the past couple of years, growing at its second fastest rate since the 1970s last year.
Unemployment remained stubbornly high last year but has gradually come down in recent months with some sectors of the economy now showing evidence of labour shortages. "It (May unemployment) was low, even lower than we had thought. This is the reason the central bank will raise the rate path in June," Nordea economist Johanna Jeansson said.
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