Finland Jobless Rate Rises Again as War in Iran Slows Recovery
Summarize this article with:
Article content(Bloomberg) — Finland’s unemployment rate rose to the highest level in more than a decade, just as the war in Iran adds to the gloom in the Nordic nation.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe headline jobless rate rose to 11.1% in March, compared with 10.9% in the prior month, data from Statistics Finland showed on Wednesday. It’s the highest reading since May 2015. The trend rate of unemployment, adjusted for seasonal variation, was 10.4%.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentFinland’s export-driven economy is exposed to global geopolitical shocks. The war in the Middle East is expected to drive up energy prices, putting a damper on the economy’s recovery and delaying an improvement in the labor market.Article contentArticle contentThe European Central Bank is considering whether to raise borrowing costs, which would add stress for Finnish households, as majority of mortgages have variable interest rates. Consumer confidence has already been weakened by Russia’s invasion of Ukraine, the subsequent inflation spike, and years of relatively high mortgage costs.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentPrime Minister Petteri Orpo’s government, which took office in June 2023, has sought to plug a widening fiscal deficit through cuts to social benefits. These measures are prompting households to increase precautionary savings while also encouraging greater labor market participation, thereby expanding labor supply and lifting the jobless rate.Article contentThe government is currently in talks over a spending plan for the next four years and is expected to present the outcome on Wednesday evening. It aims to complete an €10 billion ($11.8 billion) savings program to strengthen public finances by the 2027 general election.Article contentSign up for Bloomberg’s Nordic Edition newsletter for sharp analysis and new perspectives on the forces shaping business and finance in the Nordic region. Delivered weekly.Article content—With assistance from Joel Rinneby.Article contentTrending Canadian telecom Rogers goes into tailspin as price war heats up Telecom Solomon says U.S. recession risk could be 'one tweet away' PMN Business Posthaste: Canada's home prices have now been falling for four years — and haven't hit bottom yet News Toronto's condo market 'hits bottom' with some developers looking at selling units below cost Real Estate Canadian satellite startup NorthStar on track to hit US$300-million valuation after SPAC merger Innovation Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Canadian telecom Rogers goes into tailspin as price war heats up Telecom Solomon says U.S. recession risk could be 'one tweet away' PMN Business Posthaste: Canada's home prices have now been falling for four years — and haven't hit bottom yet News Toronto's condo market 'hits bottom' with some developers looking at selling units below cost Real Estate Canadian satellite startup NorthStar on track to hit US$300-million valuation after SPAC merger Innovation