Unemployment rate — the rate of currently unemployed residents to the total civilian labor force. The employed are defined as persons aged between 15 and 74, who worked in gainful employment for at least one hour during the reported period.
The unemployment rate is an important indicator from the social and economic point of view. 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 forecast readings are seen as negative for the Norwegian economy and for NOK quotes.