Wages continue rising in Stockholm in the third quarter of 2012, driven by the private sector. All industries are experiencing growth despite mixed signals. However, sales and the number of new businesses are decreasing. Increased unemployment is contributing to a weakened labor market. Nevertheless, increased employment is an ongoing trend due to the steadily increasing population. These are the results of the latest report from Stockholm Economy.
Wages increased during the third quarter of 2012 by 5.1 percent in Stockholm County and 6.7 percent in the City of Stockholm compared with the preceding quarter. Consequently, growth picked up in Stockholm. Elsewhere in Sweden, growth was 3.7 percent during this period. The finance, service, and hotel and restaurant sectors have the greatest increase.
“It is positive that the wage growth rate is rising again. Stockholm remains strong, even in the face of the weak global economy. Despite an otherwise subdued labor market, employment is rising in pace with the high growth rate of the population” says Olof Zetterberg, CEO of Stockholm Business Region.
During this period, unemployment increased by 0.2 percentage points in the county and 0.3 percentage points in the city. However, total employment increased by 1.3 percent. The number of Stockholm County residents also continued to grow (up 10,558 people) in the third quarter. The City of Stockholm accounts for about half of the increase.
The number of visitors to Stockholm still continues to increase. In the third quarter, 1.2 percent more visitors came to the county and 2.6 percent more to the city. The rise elsewhere in Sweden was 0.9 percent.
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About Stockholm Economy
Stockholm Business Region monitors growth in Stockholm city and county in the Stockholm Economy statistical report, which is issued four times per year.
About Stockholm Business Region
Stockholm Business Region is the official investment promotion agency for the Stockholm region. Stockholm is one of Europe’s most dynamic regions. With continual high growth, world-leading clusters within life science, cleantech and ICT, and as a center for fashion and design, Stockholm is the natural capital city of Scandinavia.