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14/02/2007
Fall in jobseeker allowance claims
The number of people in the UK claiming jobseeker's allowance fell by its largest amount in two and a half years, and the unemployment rate dropped by 23,000 in the three months to December 2006.
According to the Office for National Statistics, the fall left the unemployment rate at 5.5 per cent, and the number of people claiming unemployment benefit dropped by 13,500 in January to reach 925,800, its lowest level since February 2006.
"The risk of higher wage settlements (in January) is reinforced by evidence that the labour market is currently tightening as recent sustained, healthy growth is now generating sufficient jobs to cater for the rapidly expanding labour force," said Howard Archer at Global Insight.
UK rate-setters will be relieved, however, that UK wage growth remains subdued even as the crucial wage negotiations get underway. Average earnings including bonuses were 4.0 per cent higher in the three months to December from the previous year, compared with a gain of 4.1 per cent in November and against analysts' forecasts.
Archer said: "Continuing muted average earnings growth in December is obviously very welcome news for the Bank of England, although it is likely to be only of limited influence in the outlook for interest rates.
(CD)
According to the Office for National Statistics, the fall left the unemployment rate at 5.5 per cent, and the number of people claiming unemployment benefit dropped by 13,500 in January to reach 925,800, its lowest level since February 2006.
"The risk of higher wage settlements (in January) is reinforced by evidence that the labour market is currently tightening as recent sustained, healthy growth is now generating sufficient jobs to cater for the rapidly expanding labour force," said Howard Archer at Global Insight.
UK rate-setters will be relieved, however, that UK wage growth remains subdued even as the crucial wage negotiations get underway. Average earnings including bonuses were 4.0 per cent higher in the three months to December from the previous year, compared with a gain of 4.1 per cent in November and against analysts' forecasts.
Archer said: "Continuing muted average earnings growth in December is obviously very welcome news for the Bank of England, although it is likely to be only of limited influence in the outlook for interest rates.
(CD)
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