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What to expect from UK Claimant Count Change & Unemployment Rate on Wednesday?
UK Economic Data might have been false last month… Will the GBP Rise or Fall on UK’s Unemployment Data?
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What to expect from UK Claimant Count Change (Jan) and Unemployment Rate (Dec) on Wednesday, February 21st, 2018 at 9:30 GMT.
The Unemployment Rate has stabilized in the past 6 months at 4.3%, while consensus anticipates the figure will remain unchanged.
Nonetheless, in January, the UK Claimant Count Change figures exceeded expectations (8.6K vs 5.4 forecast). Analysts anticipate a reading of 5.4K this month.
What do you think?
Will the UK data reveal a stronger job market? Or will traders be disappointed and send the GBP on a bearish trend?
Insight on the UK Unemployment Figures
The claimant count change, which includes people on Jobseeker’s Allowance and the unemployment element of Universal Credit (a new form of comprehensive payment to help with living costs) increased by 8,600 last month to 832,500.
However, the UK Office for National Statistics (ONS) warned that the claimant count may have provided a misleading representation of changes in the job market last month, due to the introduction of the new system of Universal Credit.
In fact, the number of people classed as economically inactive fell to a 2000-01 low.
Moreover, 2017 has been a record-breaking year for employment and the trend seems to be continuing in the new year, with the unemployment rate being at a 40-year low.
