Apr Unemployment Unchanged; May Claimant....>

UK DATA: Apr Unemployment Unchanged; May Claimant Count Elevated

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- FEB-APR LFS JOBLESS RATE 3.9% VS 3.9% JAN-MAR

- FEB-APR AVG TOTAL EARNINGS +1.0% VS +2.3% PRIOR

- FEB-APR AVG EARNINGS EX-BONUS +1.7% VS +2.7% PRIOR

- MAY CLAIMANT COUNT up 528,900 to 2,801,700 

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The UK's jobless rate was unchanged at 3.9% in Apr, coming in below forecasts

(BBG: 4.6%). The employment rate fell to 76.4% with total employment declining

by 6k in Apr. The ONS noted that the drop in employment sees a move to

inactivity rather than unemployment. The claimant count rose by 528.9k in May,

leading to a claimant count rate of 7.8%. This marks the highest rate since Feb

1995. Total wage growth slowed further to 1.0% in Apr, while AWE ex. bonuses

edged lower to 1.7% . The slowdown in the economy is further visible through

hours worked which fell again, while vacancies dropped to a record low in May.

The number of employees on payrolls in May were down by over 600k vs Mar.