Swedish Unemployment Rate Rises In October

Sweden's unemployment rate increased from last year in October, data released by Statistics Sweden showed Thursday.

The unemployment rate, on an unadjusted basis, moved up to 7.1 percent in October from 6.9 percent in the corresponding month of 2011. Economists were looking for a jobless rate of 7.4 percent.

The unemployment rate among youth, aged between 15 and 24, advanced to 21.5 percent from 21.1 percent in October last year.

There were around 356,000 unemployed persons in the country in October, higher by 3.2 percent compared to last year.

At the same time, the employment rate edged up to 65.5 percent in October from 65.4 percent last year. The number of employed persons decreased by 0.7 percent annually to about 4.67 million, the agency said.

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