UK Aug. Claimant Count Rate Rises, Matches Expectations

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Wednesday, the Labor Market Statistics from the Office for National Statistics showed that the UK claimant count rate in August was 5% of the workforce, up from 4.9% in July. The rate matched the consensus forecast. The number of people claiming Jobseeker's Allowance benefit increased 24,400 to 1.61 million. Economists were looking for a monthly increase of 25,000.

In the three months to July, the unemployment rate was 7.9%, slightly smaller than the expected 8%. The unemployment level stood at 2.47 million, up 210,000 from the previous three months.

Excluding bonus, average earnings increased 2.2% in the three months to July compared with the previous year, which was the lowest growth since records began in 2001. Meanwhile, earnings including bonuses grew 1.7% on a yearly basis.

Wednesday, the Labor Market Statistics from the Office for National Statistics showed that the UK claimant count rate in August was 5% of the workforce, up from 4.9% in July. (Market News Provided by RTTNews)