UK DATA: Oct Claimant Count Unemployment +10,100; rate 4.8%
-Sep Claimant Count Unemployment revised to +800 from -4,000
-Sep Average Weekly Earnings total pay +1.8% vs +1.7% in Aug
-Jul-Sep ILO Unemployment -49,000; Rate 7.8%
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Claimant count unemployment rose unexpectedly in October at its
fastest pace for more than a year. While the headline figure shows a
larger rise than the median forecast, the latest increase most likely
represents a bounceback to more normal levels following a dip in July
and August caused by the Olympics. While National Statistics has never
acknowledged officially any Olympic effect, it seems likely that the
claimant count will tick up further next month back to around the level
see in June. Given the distortions of the Olympics its too early to say
the claimant count is now on an upward trend.