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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessUK Jobless Rate Rises Further - Largest Annual Rise Since Finc'l Crisis
OCT-DEC LFS JOBLESS RATE 5.1% VS 5.0%
OCT-DEC AVG TOTAL EARNINGS +4.7% VS +3.7% PRIOR
OCT-DEC AVG EARNINGS EX-BONUS +4.1% VS +3.6% PRIOR
JAN CLAIMANT COUNT DOWN 20,000 to 2,597,100
The UK's jobless rate ticked up again in Dec to 5.1% following Nov's reading of 5.0% and coming in in line with expectations (BBG: 5.1%). The ONS noted that the unemployment rate showed the largest annual rise since the financial crisis. The employment rate edged down to 75.0%, while the inactivity rate was unchanged at 20.9% in Dec. More up-to-date PAYE data showed an increase in payrolled employees by 83,000 in Jan compared to Dec following an upwardly revised figure for Dec, hence marking the second successive increase. Since Feb 2020 there were 726,000 fewer people in payrolled employment and around three-fifth of them were under-25s according to new ONS data. The redundancy rate eased slightly in Dec to 12.3% on a quarterly basis, after rising to 14.2% in Nov. Vacancies are recovering further in Dec, rising by 64,000 on the quarter to 599,000. However, vacancies remain below the pre-crisis level. Actual weekly hours worked improved to 30.2 in Dec, up from 30.1 seen in Nov. Total and regular pay slowed sharply at the beginning of the crisis before it recovered towards the end of the year as bonus payments had been delayed. In real terms, total pay, at 3.8%, is now growing faster than inflation, albeit skewed by composition effects.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.