–Dec-Feb ILO Unemployment -35,000; Rate 8.3%
–Mar Claimant Count Unemployment +3,600 m/m; Rate 4.9%
–Feb Average Weekly Earnings total pay +1.1% vs +1.3% in Jan

LONDON (MNI) – The level of unemployment fell for the first time in
nearly a year in the three months to February while earnings growth hit
its lowest level since June 2010, figures released by National
Statistics showed Wednesday.

The latest fall in unemployment contrasts with recent official data
which points to weaker economic growth in the first quarter than
economists had been expecting.

The level of ILO unemployment fell 35,000 in Dec-Feb compared with
the previous three month period, the first decline since Mar-May 2011.
The rate of ILO unemployment dropped to 8.3% from 8.4% in Sep-Nov also
the first decline since Mar-May 2011, and below the median for no
change.

The more up to date claimant count measure posted a small rise in
March, increasing by 3,600 on the month, below the median for a 6,800
increase. The February rise of 7,200 was also revised lower to 4,500.

April saw the usual annual revisions to the claimant count with the
main point of interest a downward revision to the claimant count
unemployment rate back through 2011. The rate has been revised lower to
4.9% since September and remained at this level in March.

There was also a decent rise in employment of 53,000 on the quarter
adding to the more upbeat news in the release.

In spite of the latest fall in the ILO measure of unemployment, pay
growth remains very subdued and declined further in February. This will
not help ease the squeeze on real incomes which households have faced
over the past few years.

Total average weekly earnings growth fell to 1.1% in February from
1.3% in January, the lowest since June 2010. This was mainly due to
weaker bonus payments which were down 6.2% in the three months to
February compared with a year earlier, also the largest drop since June
2010.

Most of this was due to a 11.2% fall in bonuses in the financial
sector which traditionally pays bonuses in February and March.

Excluding bonuses, regular pay growth remained stable at 1.6% in
the three months to February compared with a year earlier.

–London bureau: 00 44 207 862 7491 e:mail: puglow@marketnews.com

[TOPICS: MABDA$,M$B$$$,MT$$$$,MABDS$]