UK DATA: Nov claimant count unemployment -1,200; rate 4.5%
–Oct claimant count revised to -5,200 from -3,700
–Aug-Oct ILO unemployment +35,000 q/q; rate 7.9%
–Oct total weekly earnings +2.2% 3m y/y vs +2.1% in Sep
–Oct regular weekly earnings +2.3% 3m y/y vs +2.2% in Sep
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Claimant count unemployment fell m/m by 1,200 in Nov although by a
little less than the median for a 3k decline. There was a small revision
to Oct which now shows a larger fall than first estimated. The focus,
though, will fall on the ‘official’ ILO data which showed a 35k rise in
joblessness, the first rise since Feb-Apr 2010 this year with the rate
rising to 7.9% the highest since Feb-Apr. Moreover, employment fell
33,000 in the latest quarter with a fall in full-time employment
offsetting a rise in part-time employment. Earnings growth remained
muted with the headline rate at 2.2%, slightly below the median of 2.3%.