The PES unemployment rate (seasonally adjusted registered unemployment claims rate tracked by the Swedish Public Employment Service) was broadly steady in January, printing at 6.65% (vs 6.61% prior). The LFS unemployment rate - which the Riksbank forecasts in its MPR - is due on Friday, and analysts expect an unchanged rate at 8.2%.

• Note that the Bloomberg calendar reports the NSA claims rate excluding those in job support programmes (which was 3.5%, steady vs January).
• The press release notes that 18-24-year old NSA unemployment rose 4k to 43k, bringing the NSA unemployment rate to 7.9%.
• Looking into the details of the print, vacancies fell to 114k from 130k, more than retracing January's 11k rise.
• The vacancies to unemployment ratio thus moderated to 0.33 (vs 0.37 prior), below the cycle high of 0.60 in May '23.