UK DATA: Jan claimant count unemployment +2,400; rate 4.5%
–Oct-Dec ILO unemployment +44,000 q/q; rate 7.9%
–Dec total weekly earnings +1.8% 3m y/y vs +2.1% in Nov
–Dec regular weekly earnings +2.3% 3m y/y vs +2.3% in Nov
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The claimant count posted its first rise for 4 months in January,
rising 2,400 on the month following a revised 3,400 drop in December.
Analysts had expected a small fall of 5k on the month. There was also a
44,000 increase in the level of ILO unemployment in the latest 3 month
period to Dec. Earnings growth remained subdued with headline weekly
earnings dropping to 1.8% dragged down by lower bonuses in the financial
sector compared to last Jan. Ex bonuses the regular pay measure remained
steady at 2.3%. Most economists expect unemployment to increase during
2011 as the public sector cuts hit hard and it is possible January may
mark the start of a rising trend.