UK DATA: Oct claimant count unemployment -3,700; rate 4.5%
–Jul-Sep ILO unemployment -9,000 q/q; rate 7.7%
–Sep total weekly earnings +2% 3m y/y vs +1.7% in Aug
–Sep regular weekly earnings +2.2% 3m y/y vs +2% in Aug
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Claimant count unemployment posted a surprise fall on the month in Oct
against the median for a 5k rise. There was a down revision to Sep which
is now +1,300 vs the previous estimate of +5,300. The ILO measure was
down as well by 9,000 q/q with the rate falling to 7.7%. Employment was
also up strongly by 167,000 on the quarter, although there was a 34,000
fall in full time jobs with a massive 320k rise in part time. Earnings
growth picked up to 2% on a headline basis, in-line with the median
forecast. Ex-bonuses, headline regular pay growth rose to 2.2%, still
muted, but the highest since March 2009. Overall the figures support the
stronger data seen on the economy in recent months.