UK DATA: Unemployment Rate Rises To 7.2% In Oct-Dec Vs 7.1% Sep-Nov
-Jan Claimant Count Falls 27,600; Rate falls to 3.6% Vs 3.7% Dec
-Dec Claimant Count Fall Revised to 27,700 Vs 24,000 Previous Estimate
-Oct-Dec Total Earnings 1.1% 3m/3m y/y vs 0.9% previous 3m
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The UK jobless rate was 7.2% in Q4, up slightly from the 7.1% rate
seen in the three months through November but lower than the 7.6% rate
seen in Q3. Analysts had expected the unemployment rate to come in at
7.1%. The Q4 unemployment rate was therefore slightly above the BOE
MPC's February Quarterly Inflation Report forecast for 7.1% on both
market and constant rates. Claimant count unemployment continued to
fall, suggesting unemployment will continue to creep down. The number of
people who can't find full time work, a figure highlighted by BOE MPC as
measure of slack, fell 29,000 to 1.428mln. Pay remained below CPI rate.
