UK DATA: UK Nov Claimant Count Unemployment +3,000 m/m; Rate 5%
–UK Oct Average Weekly Earnings 2.0% vs 2.3% in Sep
–UK Aug-Oct ILO Unemployment +128,000 Q/Q; rate 8.3%
–UK Oct Claimant Count revised to +2,500 m/m from +5,300
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The claimant count rose just 3,000 in Nov following a downward revised
increase of 2,500 last month. This has confounded analysts’ forecasts
for a rise of 15k this month and 25k last month showing a far more
resilient labour market than expected. ILO data show a bleaker picture
but these are lagging and the increases should ease over coming months.
It is difficult to say why the claimant count has not deteriorated by as
much as expected given the economic gloom but possibly firms with lean
workforces are taking on more seasonal workers. The outlook, though,
remains gloomy with the PMI surveys pointing to falling employment.
Earnings growth remained subdued and in line with the median forecast.