UK Nov jobs mixed: Claimant count change disappoints, Wages tick higher

The Office for National Statistics (ONS) noted on Wednesday, the UK’s official jobless rate remained steady at 4.3% in October, while the claimant count showed a much-bigger-than-expected rise last month.

The number of people claiming jobless benefits rose by 5.9k in November, against expectations of a 3.2k increase and 6.5k (revised from 1.1k) seen previously. The claimant count rate remained unchanged at 2.3%.

Wage growth, excluding bonuses, bettered expectations, arriving at 2.3% versus 2.2% last, while the gauge including bonuses came in at 2.5% 3m y/y versus 2.5% expected and 2.3% last.

Key Points from ONS:

The fall of 56K in Aug-Sep 2017 UK employment largest drop since 67K drop Mar-May 2015.

UK Annual real earnings fell by 0.2% Jul-Sep 2017 (incl bonus) and by 0.4% (ex-bonus).

The unemployment rate (the proportion of those in work plus those unemployed that were unemployed) was 4.3%, down from 4.8% for a year earlier and the joint lowest since 1975.