2010.09.1305:24:00UTC+00Swedish Jobless Rate Holds Steady At 4.8%

Sweden's unemployment rate in August remained unchanged for the second consecutive month, data from the Public Employment Service revealed Monday.

The jobless rate was 4.8% in August, the agency said, unchanged from the previous two months. In June, the rate had risen from May's 4.5%.

The number of unemployed registered with the agency was 242,000, down by 20,000 from the same month last year. The number of vacancies reported at the employment offices rose by 13,000 from last year to 42,000.

Meanwhile, the total number of persons who are registered unemployed and participants in the support programs for the jobless was 407,000 or 8.1% of the workforce, broadly unchanged from July. The rate is higher than last year's 7.7%. This level is expected to ease in the autumn following a strong labor market, the agency said.

The country's labor market is showing several positive signs, Clas Olsson, research head of the Public Employment Service said. However, unemployment remains high, the official noted.

Earlier in the month, the National Institute of Economic Research said unemployment rate is expected to be at 8.5% this year and fall slightly to 8.2%. The think-tank raised the economic growth forecast for this year to 4.3% from 3.7% projected in June. The institute also revised up the GDP estimated for next year to 3.4% from 3%. in 2011.

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