NORWAY: Stable LFS Unemployment Rates in August

The Norwegian trend unemployment rate was steady at 4.5% for the fourth consecutive month in August. The seasonally adjusted rate rose three tenths to 4.5% (vs 4.2% prior), but was unchanged at 4.4% on a 3mma basis. * It points to relatively stable labour market conditions ahead of tomorrow's Norges Bank decision. MNI preview here: * On average over the last three months versus the three months prior, the number of unemployed persons has declined by 6k, with a 7k rise in the number of employed persons. * That leaves 3m/3m employment growth at 0.2% (vs -0.1% prior). This measure of employment growth has been positive for six of the last seven months, * Preliminary renumeration data indicates growth of 3.6% Y/Y in August. July's reading was revised down four tenths to 2.8% Y/Y. We take more signal from wage data in the national accounts, which still runs in the mid-3's on a Y/Y basis and above 4% on a 4Q/4Q basis.