UK DATA: Feb claimant count unemployment -32,300; rate 4.9%
–Nov-Jan ILO unemployment -33,000 q/q; rate 7.8%
–Jan total weekly earnings +0.9% 3m y/y vs +0.7% in Dec
–Jan regular weekly earnings +1.4% 3m y/y vs +1.2% in Dec
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Claimant count unemployment posted a shock 32,300 fall in Feb, the
largest since Aug 1997, while January’s originally estimated rise of
23,500 was revised down to show a small rise of just 5,300. The claimant
count rate actually fell to 4.9% from 5%, the lowest since Aug 2009. NS
said it was ‘unlikely’ the recent claimant count movements had been
affected by the weather. The ILO measure showed unemployment down 33k on
the quarter. Average earnings remained very subdued at 0.9% up from 0.7%
in Dec with the ex bonuses regular pay measure rising to just 1.4%. Many
economist felt the original Jan rise showed the economy moving backwards
but the revision and this new fall suggests the recovery is on track.