UK DATA: Feb claimant count unemployment -10,200; rate 4.5%
–Nov-Jan ILO unemployment +27,000 q/q; rate 8.0%
–Jan total weekly earnings +2.3% 3m y/y vs +1.8% in Dec
–Jan regular weekly earnings +2.2% 3m y/y vs +2.3% in Dec
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Claimant count unemployment fell 10,200 m/m in Feb, against
expectations for no change on the month and the Jan rise was revised
down to +1,500 from +2,400. The latest fall was the largest since June
2010 with the labour market continuing to show resilience against mnost
forecasts for joblessness to rise this year. The less timely ILO measure
of unemployment which lags the claimant count data showed a rise of 27k
in the 3 months to Jan. There was also some sign of rising pay pressures
with headline weekly earnings up 2.3%, the highest since May and above
the 2% median, boosted by higher bonuses in the financial sector. Ex
bonuses earnings growth, though, eased to 2.2% from 2.3%.