Unemployment up in Norway's oil economy

OSLO, Norway, April 28 (UPI) -- The Norwegian government said Thursday the rate of unemployment for men nationwide increased more than a full percentage point as lower oil prices take a toll.

Data released from Statistics Norway show the rate of unemployment among male workers increased 1.2 percent from the previous quarter to 5.7 percent, whole women showed a 0.1 percent gain.

"From the first quarter of 2015 to the first quarter of 2016 the number of underemployed men increased by 9,000, from 22,000 to 31,000," Thursday's report read. "In the first quarter of 2016, 14.6 percent of all part-time employed men were underemployed, compared to 10.4 per cent of the women."

Data gathered by Statistics Norway, the government's record-keeping agency, found total investments in oil, gas, manufacturing, mining and electricity for 2015 were around $28 billion, down 9.4 percent year-on-year. For oil and gas alone, the year-on-year decline was 11.8 percent.

A labor force survey finds a decrease of 9,000 in the headcount for mining and quarrying, the industry dominated by oil and gas, year-on-year.

"These industries are dominated by men," the report read. "On the other hand, the number of employed persons increased by 28,000 within health and social work, an industry dominated by women."

A survey from the Norwegian government earlier this year said industry investments are expected to remain suppressed through the latter half of the decade, with levels expected to hold at around $22.5 billion for the next few years before a moderate uptick by 2019.

A trend line from Statistics Norway shows the rate of unemployment nationwide is at its highest level in 10 years.