Norway's unemployment rate declined in July, reaching its lowest point in five months, according to labor force survey data released by Statistics Norway on Monday.
The seasonally adjusted unemployment rate fell to 3.9 percent in July, down from a consistent 4.1 percent in June. This marks the lowest rate since February, which recorded a rate of 3.4 percent.
For comparison, the unemployment rate in the same month last year was 3.7 percent.
The number of unemployed individuals decreased to 118,000 in July, compared to 123,000 in June, as reported by the agency.
Employment data revealed a slight dip in the employment rate, which stood at 69.7 percent in July, compared to 69.8 percent in June.
On a trend basis, the unemployment rate has remained steady at 4.0 percent for the fourth consecutive month.
