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Unemployment Rise Paints Mixed Picture

Published 21/02/2018, 09:46
Updated 18/08/2020, 10:10

The latest labour market data for the UK has painted a somewhat mixed picture with an unexpected rise in the unemployment rate taking the shine off an increase in wages. The unemployment rate for December unexpectedly ticked higher to 4.4% after 5 straight months at 4.3% and the market seems to have focused on this in the immediate reaction with the pound falling to its lowest levels of the week against the US dollar. The increase is the first time the unemployment rate has increased in two years but the rise should be put in the correct context and coming from record low levels, it hardly suggests any major weakness in the labour market.

On the bright side, the average earnings index ex-bonus rose to 2.5% against a forecast for a 2.4% increase in the index, but this seems to be playing second fiddle in the initial market reaction.

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