UK DATA: Jun Claimant Count Unemployment +6,100 m/m; Rate 4.9%
-June Claimant Count Unemployment +6,100 m/m; Rate 4.9%
-May Average Weekly Earnings total pay +1.5% vs 1.4% in Apr
-Mar-May ILO Unemployment -65,000; Rate 8.1%
-May Claimant Count revised to +6,900 from +8,100
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The level of claimant count unemployment rose for the second
consecutive month in June, although a change to the benefits system is
likely to have exaggerated the increase. Stripping out this benefit
effect on the claimant count suggests a better labour market picture
than expected, although the figures could also be flattered by extra
hiring for the Olympics. Overall, the trend in the claimant count looks
to be broadly flat. The ILO measure of unemployment fell sharply while
employment was up a very healthy 181,000 — again this may have got an
Olympics boost. Earnings growth remained very subdued.