NAV Unemployment Change reflects unemployment dynamics in Norway measured based on the data provided by the Norwegian Labour and Welfare Administration (NAV). The unemployment data is based on official job applications submitted by job seekers to NAV. The indicator is used to assess the state of the labor market. It is not a forecast indicator, while its growth or decline is a result of changes in the economic situation.
The growth of unemployment leads to a decrease in the incomes of individuals and therefore to a decrease in consumer activity. It also increases pressure on the government budget. Therefore, higher than expected readings are seen as negative for the NOK quotes.