Unemployment Rate Rises to 8.3 Percent
Sweden’s unemployment rate rose to 8.3 percent in March, up from 8 percent in February, as the country continues to shed manufacturing and construction jobs amid the global economic downturn, news agency AP reports. Compared with March 2008, the jobless rate was up two percentage points.
Nearly 100,000 jobs - mainly in the manufacturing and construction sectors - had been lost since the previous year.
Major Swedish companies, such as appliance manufacturer Electrolux and truck makers Volvo and Scania, have announced thousands of layoffs because of declining demand in the wake of the financial crisis. (ah)