Norges Bank report: This is bad news for your salary

(The online newspaper) On Thursday, Norges Bank officially released its new figures from Regionalt Nettverk, which had partly been leaked in advance.

They show that Norwegian companies believe that next year will be a difficult year.

– The companies in Norges Bank’s regional network expect that overall activity will remain unchanged in the fourth quarter, and then decline at the beginning of next year. At the same time, there are big differences between the industries. The oil suppliers envisage a clear upswing, while the construction companies expect a significant drop in activity. The companies report more available capacity and fewer recruitment problems. Overall, they expect annual wage growth of 5.4 per cent this year and 4.5 per cent next year, they write in a press release.

They expect annual wage growth to end at 5.4 per cent this year and fall to 4.5 per cent next year, write Norges Bank.

The companies expect lower activity in the new year, but there are big differences between the industries. The oil suppliers envisage a major upswing in activity, while the construction companies expect a fall.

Believe in a fall in employment

There has long been talk of capacity problems in Norwegian companies. This no longer seems to be a problem.

– The proportion of companies with capacity problems has decreased in most industries, and it is slightly easier to get hold of labor than normal. At the same time, the employment plans for the fourth quarter have been adjusted down from the previous round. The companies now envisage fairly stable employment in the fourth quarter, and a small drop at the start of next year, writes Norges Bank.

Accidentally dropped numbers

The figures that have now been presented are the conclusion, after Norges Bank recently released parts of the figures by accident.

Chief economist Kjersti Haugland in DNB Markets confirms that they sent a warning, when the quarterly figures for Norges Bank’s regional network were published by mistake.

– It was completely by chance that we discovered it. It is a figure we often use in our lectures, and the figure for Norges Bank did not agree with the figure we ourselves use. We therefore wondered if there was something wrong, says Haugland E24.

On 28 November, Norges Bank published the published quarterly figures for Norges Bank’s regional network were published by mistake. The figures were originally supposed to arrive today, 7 December.

– I think it is a very unfortunate mistake. It is probably just a leak of an interest rate decision or interest rate path that could have been more unfortunate, says the chief economist.