Post Brexit : UK Unemployment Claim Falls Against Analyst Predictions - Alldamoney

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Post Brexit : UK Unemployment Claim Falls Against Analyst Predictions

The  jobs data in the U.K. show a decline in the number of people claiming jobseeker’s allowance amid Fears that a Brexit vote would trigger widespread job losses.The data came as a surprise to market analysts who had earlier predicted an increase in benefit claimant figures as a result of the country's decision to leave the European Union.

The data showed that the number of people claiming out of work benefits fell by 8,600  to about 763600 in July compared with expectations of a rise of 9,500 according to the Office for National Statistics (ONS).
data history show the lowest number of people 422,600 claimed unemployment related benefits in December 1973, and the highest figure was 3.09 million in July 1986 according to the ONS. compared to July 2016 where  763,600 people claimed unemployment related benefits.
The total number of unemployed people, defined as those not in work but seeking and available for employment, was 1.64 million for the three-month period, the lowest since March to May 2008
All together There were about 31.75 million people in work over the three-month period, 172,000 more than for January to March 2016 and 606,000 more than for a year earlier and the Average weekly earnings excluding bonuses rose 2.3% over the same period, up from 2.2%.

However,  Neil Wilson, ETX Capital markets analyst ,warned that the employment data don't really take into account the effect of the EU referendum "While the employment rate hit a record high, the figures are for the April to June period and. We shouldn't read too much into the marginal fall in people claiming unemployment benefit in July. Higher self-employment numbers could mean people are not getting enough hours and indeed average working times fell," he said in a note.”We all have to wait three months for the report to really judge what is happening as Employment is a lagging indicator.”

Analysts will continue to monitor the unemployment level in the coming months, as it represents a key indicator of how the Brexit vote is affecting the U.K. economy. And how the vote to leave the EU is impacting on employers confidence and hiring their prospects.

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