UK DATA: Dec claimant count unemployment -4,100; rate 4.5%
–Sep-Nov ILO unemployment +49,000 q/q; rate 7.9%
–Nov total weekly earnings +2.1% 3m y/y vs +2.1% in Oct
–Nov regular weekly earnings +2.3% 3m y/y vs +2.3% in Oct
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Claimant count unemployment continued to decline in Dec, falling 4,100
m/m following a revised 3,200 drop in Nov. Analysts had expected no
change in the claimant count. The less timely ILO measure posted a
49,000 rise on the quarter, the largest rise since the 3 months to March
2010. Moreover, weakness was seen in employment which fell 69,000 on the
quarter to Nov, the largest fall since Jun-Aug 2009. Earnings growth
remained stable at 2.1%, a little below the median forecast of 2.2%.
Excluding bonuses, regular pay growth stood at 2.3%, also unchanged from
Nov. The single month y/y rate for regular pay rose to 2.4% the highest
since Feb 2009, driven by services.