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July 2016 UK claimant count -8.6k vs 9.5k exp

Details from the July 2016 UK labour market report 17 August 2016

  • Prior 0.4k . Revised to 0.9k

  • June ILO unemployment rate 4.9% vs 4.9% exp. Prior 4.9%
  • June average weekly earnings 2.4% vs 2.4% exp 3m y/y. Prior 2.3%
  • Ex-bonus 2.3% vs 2.3% exp. Prior 2.2%
  • Employment change 172k vs 150k exp. Prior 176k

Pretty much on the numbers and with the bonus of lower claims. GBPUSD took a wobble, strangely, towards 1.30 but has since jumped to 1.3050.

As Mike pointed out in his preview the unemployment and wage numbers are for June so at most, they only capture a small part of the Brexit vote week, not that it should make much difference anyway. It's very unlikely that there are going to be widespread wholesale job losses around the country immediately after the vote either. At most we'll probably just see hiring slow rather than actual losses. We'll get a better picture next month anyway.

To further the point above, the ONS say that vacancies fell 7k (3m to end of July) to 741k.

On the pay front, public sector pay was 1.7%, matching May, and private sector pay was 2.5%, matching May too.

Overall there's no real worries in the jobs market right now, except for the possibility of uncertainty going forward, something that will be better reflected in the PMI's

UK average weekly earnings 3m y/y

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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