UK August jobless claims change -58.6k vs -71.7k expected

Author: Justin Low | Category: News

Latest data released by ONS - 14 September 2021

  • Prior -7.8k
  • Claimant count rate %
  • Prior 5.7%
  • July ILO unemployment rate 4.6% vs 4.6% expected
  • Prior 4.7%
  • July employment change 183k
  • Prior 95k
  • July average weekly earnings +8.3% vs +8.2% 3m/3m expected
  • Prior +8.8%
  • July average weekly earnings (ex bonus) +6.8% vs +6.8% 3m/3m expected
  • Prior +7.4%
Slight delay in the release by the source. The number of payrolled employees in the UK increased by 0.8% on the month in August, moving up to 29.1 million as the labour market recovery continues to take shape.

Adding to that is a further drop in the unemployment rate to 4.6% from 4.7% in June.

It has been a gradual process but employment conditions are at least moving back to pre-pandemic levels and that is a positive takeaway going into the year-end.

Elsewhere, wages growth has cooled off a little but still remains high with ONS noting that base effects are still at play so take caution when interpreting the numbers:

However, annual growth in average employee pay is being affected by temporary factors that have inflated the increase in the headline growth rate. These are compositional effects where there has been a fall in the number and proportion of lower-paid employee jobs so increasing average earnings and base effects where the latest months are now compared with low base periods when earnings were first affected by the pandemic.
Invest in yourself. See our forex education hub.

By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose