UK DATA: Aug claimant count unemployment +2,300; rate 4.5%
–May-Jul ILO unemployment -8,000 q/q; rate 7.8%
–Jul total weekly earnings +1.5% 3m y/y vs +1.1% in Jun
–Jul regular weekly earnings +1.8% 3m y/y vs +1.6% in Jun
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The labour market data showed a very mixed picture of the labour market.
Claimant count unemployment posted its first rise since Jan which could
be a turning point for unemployment which many economists expect to rise
now following recent falls. ILO unemployment also posted a small fall of
8k on the quarter, less than in recent months. But there was a record
rise in employment growth, up 286k in the latest 3 months. While most of
this was part-time job growth there were 121k full-time jobs created,
the largest since Apr-Jun 2007. Employment gains were mainly due to
inactive people taking up employment with the main rise coming from
students. Weekly earnings remained at a subdued level in July.