COPENHAGEN, Oct 29 (Reuters) - Denmark's seasonally adjusted
unemployment rate rose to 4.1 percent of the workforce in
September from 3.7 percent in August, exceeding economists'
expectations, official data showed on Thursday.
Economists surveyed by Reuters had on average expected a rise to 3.9 percent.
Statistics Denmark also reported industry confidence held steady in October, with the indicator unchanged from September at negative 8 points.
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KEY FIGURES
Sept '09 Aug '09 Sept '08
Unemployment rate (pct) 4.1 3.7 1.6
Total unemployed (000s) 113.5 104.3* 44.8
All figures seasonally adjusted
* revised from 103.7
FORECAST
Economists surveyed by Reuters had estimated on average that unemployment rose to 3.9 percent in September. For details of the poll click on
COMMENTARY
CHRISTIAN HEINIG, CHIEF ANALYST, SYDBANK
'The big increase in unemployment in September should be viewed in light of technical factors. We have seen a historically fast increase in unemployment be replaced by stable unemployment in the summer months as a consequence of jobless people exercising their right to paid holiday and therefore 'vanishing' from the statistics or alternatively not being at the disposal of the labour market. They naturally return to the statistics after the holidays end.'
JES ASMUSSEN, CHIEF ECONOMIST, HANDELSBANKEN CAPITAL MARKETS
'The slowdown in the rising unemployment that we observed in July turned out not to be the end of the strong rise. Today's figures show that it is too early to hope that we have reached the peak. One must take the Danes' holiday patterns into account since people were on vacation during the summer and did not enter the unemployment statistics until after the summer. From that perspective, the rise in unemployment is less than observed in the panic months at the beginning of the year.'
STEEN BOCIAN, CHIEF ECONOMIST, DANSKE BANK
'The big rise in unemployment appears more moderate if one disregards the development over the summer. Since May unemployment has risen by an average of 4,300 persons per month. That gives a more realistic picture of the underlying trend.'
'So today's figures should not be viewed as an acceleration. The figures merely confirm that the slowdown we saw in unemployment over the summer months was not real. But we had not expected that it was.'
'We expect unemployment to continue to rise for a long time even though the economy, in our view, is no longer in recession. Companies need to revive their productivity after a historic fall and so the very modest growth that appears likely to occur in the coming quarters will not be enough to stabilise the labour market.'
DETAILS
For further details in Danish, Reuters 3000 Xtra users can click on http://www.dst.dk/Statistik/Nyt/Tidsopdelt.aspx Keywords: DENMARK UNEMPLOYMENT/ (Copenhagen newsroom, tel: +45 3396 9649, e-mail: copenhagen.newsroom@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Economists surveyed by Reuters had on average expected a rise to 3.9 percent.
Statistics Denmark also reported industry confidence held steady in October, with the indicator unchanged from September at negative 8 points.
****************************************************************
KEY FIGURES
Sept '09 Aug '09 Sept '08
Unemployment rate (pct) 4.1 3.7 1.6
Total unemployed (000s) 113.5 104.3* 44.8
All figures seasonally adjusted
* revised from 103.7
FORECAST
Economists surveyed by Reuters had estimated on average that unemployment rose to 3.9 percent in September. For details of the poll click on
COMMENTARY
CHRISTIAN HEINIG, CHIEF ANALYST, SYDBANK
'The big increase in unemployment in September should be viewed in light of technical factors. We have seen a historically fast increase in unemployment be replaced by stable unemployment in the summer months as a consequence of jobless people exercising their right to paid holiday and therefore 'vanishing' from the statistics or alternatively not being at the disposal of the labour market. They naturally return to the statistics after the holidays end.'
JES ASMUSSEN, CHIEF ECONOMIST, HANDELSBANKEN CAPITAL MARKETS
'The slowdown in the rising unemployment that we observed in July turned out not to be the end of the strong rise. Today's figures show that it is too early to hope that we have reached the peak. One must take the Danes' holiday patterns into account since people were on vacation during the summer and did not enter the unemployment statistics until after the summer. From that perspective, the rise in unemployment is less than observed in the panic months at the beginning of the year.'
STEEN BOCIAN, CHIEF ECONOMIST, DANSKE BANK
'The big rise in unemployment appears more moderate if one disregards the development over the summer. Since May unemployment has risen by an average of 4,300 persons per month. That gives a more realistic picture of the underlying trend.'
'So today's figures should not be viewed as an acceleration. The figures merely confirm that the slowdown we saw in unemployment over the summer months was not real. But we had not expected that it was.'
'We expect unemployment to continue to rise for a long time even though the economy, in our view, is no longer in recession. Companies need to revive their productivity after a historic fall and so the very modest growth that appears likely to occur in the coming quarters will not be enough to stabilise the labour market.'
DETAILS
For further details in Danish, Reuters 3000 Xtra users can click on http://www.dst.dk/Statistik/Nyt/Tidsopdelt.aspx Keywords: DENMARK UNEMPLOYMENT/ (Copenhagen newsroom, tel: +45 3396 9649, e-mail: copenhagen.newsroom@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.