UK August jobless claims change 73.7K vs 94.4K prior

IHS – September 14

IHS - September 14
  • Prior 94.4k, revised to 69.9K
  • Claimant count rate  7.6% 
  • Prior 7.5%
  • June ILO unemployment rate 4.1% vs 4.1% expected
  • Prior 3.9%
  • July employment change -12k vs -118k expected
  • Prior -220k
  • July average weekly earnings  -1.0% vs -1.3% 3m/y expected
  • Prior -1.2%
  • July average weekly earnings (ex bonus) 0.2% vs -0.2% 3m/y expected
  • Prior -0.2%

Delay at source. It’s all about the end of the furlough scheme for the UK. With many redundancies planned for the schemes end it is only in November that we will get a true picture of the UK economy. 

The furlough scheme continues to mask the true state of Uk employment levels. The GBP is ultra focused for now on Brexit risk. GBPUSD unfazed and barely moved a point on the data. Zzzzz. 

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