Latest data released by ONS - 10 November 2020
- Prior 28.1k; revised to -40.2k
- Claimant count rate 7.3%
- Prior 7.6%; revised to 7.4%
- September employment change -164k vs -150k expected
- Prior -153k
- September ILO unemployment rate 4.8% vs 4.8% expected
- Prior 4.5%
- September average weekly earnings +1.3% vs +1.1% 3m/y expected
- Prior 0.0%; revised to +0.1%
- September average weekly earnings (ex bonus) +1.9% vs +1.5% 3m/y expected
- Prior +0.8%; revised to +0.9%
Slight delay in the release by the source. Jobless claims fell for a second straight month in October, after the major revision to the September figure, and this comes despite employment falling for a fifth consecutive month in three months to September.
Once again, the furlough scheme is making it tough to read much into this as ONS reports that UK redundancies hit a record high of 314,000 in the three months to September.
The bright spot is that annual pay growth is seen recovering as more workers return from furlough but relative to historical levels, the readings are still highly subdued.
