Swedish Labor Market Update: October 2023 Shows Moderate Conditions

Swedish labor market exhibited a subdued state, as reported by Statistics Sweden (SCB). With 5,237,000 non-seasonally adjusted employed individuals, the average weekly working hours totaled 177.9 million. The number of unemployed individuals stood at 416,000, equating to an unemployment rate of 7.4%. When seasonally adjusted, both the percentage and quantity of employed individuals declined, while the unemployed percentage rose to 8.0%.

Andreas Tano Bask, a statistician at the Labor Force Surveys at SCB, commented, “In October, we observe a muted situation in the labor market with few major changes.”

Labor Force Highlights (October 2023):

  1. Workforce: The total workforce, aged 15–74, was 5,653,000 in October 2023 (non-seasonally adjusted). Men constituted 2,977,000, and women were 2,676,000, with a relative labor force participation rate of 74.4%.
  2. Employment: The number of employed individuals aged 15–74 was 5,237,000 (non-seasonally adjusted). The employment rate was 68.9%, with women at 66.4% and men at 71.4%. When seasonally adjusted, the percentage of employed individuals decreased to 69.4%.
  3. Employees: In October 2023, there were 4,723,000 employed individuals (non-seasonally adjusted). The number of permanent employees increased by 108,000 from the same month the previous year, reaching 4,073,000. The number of temporarily employed individuals was 650,000.
  4. Worked Hours: The total worked hours in October 2023 averaged 177.9 million per week (non-seasonally adjusted). Seasonally adjusted data showed an average of 156.4 million hours per week.
  5. Unemployment: The number of unemployed individuals aged 15–74 was 416,000 (non-seasonally adjusted), resulting in a 7.4% unemployment rate. Seasonally adjusted data revealed an increase in both the number and percentage of unemployed individuals, reaching 457,000 and 8.0%, respectively.
  6. Youth Unemployment: Among individuals aged 15–24, the unemployment rate was 19.8%, with 121,000 unemployed. When seasonally adjusted, the youth unemployment rate rose to 22.1%.
  7. Unused Labor Force: The combined total of unemployed, underemployed, and latent job seekers amounted to an average of 21.6 million hours per week, equivalent to 540,000 full-time jobs with a 40-hour workweek.