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Sweden consumer confidence 69.1 in Sep-23

- Sweden's consumer confidence declined to 69.1 in September 2023, reaching its lowest level since April 2023, suggesting a shift in public perception regarding the economic prospects and personal financial situation.
- Although consumer confidence remains higher than the one-year average, it is significantly below the long-run average, highlighting prevailing pessimism among Swedish consumers about the long-term economic outlook.

Riksbank: Sep-23

• The Riksbank has elevated its policy rate to 4 per cent, an initiative to combat the prevailing high inflation in Sweden, with projections indicating potential further increases to stabilize inflation around the 2 per cent target.
• The decision is within a global framework where central banks are implementing substantial interest rate hikes and adjusting monetary policies to navigate and mitigate inflationary pressures and dampen economic activities.
• Future policy decisions will be closely aligned with emerging economic data and developments, with a meticulous and data-driven approach essential for maintaining economic stability and managing inflationary expectations in the precarious global economic environment.

Sweden unemployment rate 7.7% (consensus 6.8%) in Aug-23

- Sweden's unemployment rate spiked back to 7.7% in August 2023, the highest level since June 2023 and far above the consensus of 6.8%.
- The current rate is above both the one-year average by 0.29 percentage points and the long-run average by 0.24 percentage points, indicating a prolonged weakness in the labor market.

Sweden CPI inflation 7.45% y-o-y (consensus 7.7) in Aug-23

- Sweden's CPI inflation in August 2023 recorded a slightly lower growth rate than expected, with a year-on-year increase of 7.45% compared to a consensus forecast of 7.7%.
- Despite this moderation, the current inflation level remains well above the one-year and long-run averages by 3.04 and 3.10 percentage points, respectively.