Sweden jobless rate on the rise

       Sweden's jobless rate advanced in August as a recovery inr the labour market lagged behind improvements in the rest of the largest Nordic economy.
       The non-seasonally adjusted rate, as measured by the number of people claiming benefits, rose to 5.4 per cent from a revised 5.1 per cent in July, the Stockholm-based Public Employment Service said.
       Exports account for half of the nation's gross domestic product and slumping global trade is forcing companies to eliminate jobs. Volvo, the world's second-biggest maker of heavy trucks, and Electrolux, the world's No 2 appliance maker, have scrapped jobs to stay competitive.
       The economy will contract 5.2 per cent this year, the government estimates, rebounding to growth of 0.6 per cent in 2010 as output benefits from a resurgence of trade demand that should resuscitate export markets.
       Unemployment should average 11.4 per cent next year and will rise to 11.6 per cent in 2011, the government estimates.