💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UK jobless claimant count shows surprise rise in Aug

Published 09/15/2010, 04:31 AM
Updated 09/15/2010, 04:36 AM

LONDON, Sept 15 (Reuters) - The number of Britons claiming unemployment benefit unexpectedly rose in August for the first time since January but the number of people in work showed a record quarterly rise in the three months to July.

The mixed report is unlikely to alter policymakers' view that Britain's recovery from recession is fragile and will be vulnerable to the deep public spending cuts due to be revealed next month.

The Office for National Statistics said the number of people claiming jobless benefit rose by 2,300 in August after smaller than initially estimated fall of 1,000 in July. That was the first rise since January and confounded analysts forecasts for a fall of 3,000.

The number of people without a job on the wider ILO measure fell by 8,000 in the three months to July to 2.467 million, the smallest fall since the three months to April. That left the jobless rate to 7.8 percent, as expected.

However, there was better news on the employment front with the number of people in work rising by 286,000 in the three months to July, the biggest quarterly rise since records began in 1971, although that was mainly due to a 166,000 rise in the number of part-time workers.

Average weekly earnings growth including bonuses rose by 1.5 percent in the three months to July, up from a 1.1 percent rise in the three months to June but below analysts forecasts for a reading of 1.7 percent.

That should reassure Bank of England policymakers that above target inflation is not seeping into wage demands. Data on Tuesday showed UK inflation held steady at 3.1 percent in August, confounding expectations of a fall.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.