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14 December 2022 - Claimant count, an indicator of a slowdown in economy
The employment report for November was released yesterday. The claimant count rose from a downwardly revised -6.4k to 30.5k. This is a definite indicator of a slowdown in the economy.
As the claimant count rises, fewer people are in work paying taxes while more people are claiming benefits, which reverses the flow of funds into the Treasury.
Average earnings, both including and excluding bonuses, rose but remain below the headline rate of inflation. This means that real wages are continuing to fall and adding to the cost of living crisis.
The economy is being hit by a wave of industrial action across several sectors as workers reject wage rises that are below the rate of inflation.
Train drivers are holding a pair of two day strikes this week, but they insist that their action is about working conditions, although they are also demanding an increase that is close to the rate of inflation.
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.
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By CurrencyTransfer
5
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The employment report for November was released yesterday. The claimant count rose from a downwardly revised -6.4k to 30.5k. This is a definite indicator of a slowdown in the economy.
As the claimant count rises, fewer people are in work paying taxes while more people are claiming benefits, which reverses the flow of funds into the Treasury.
Average earnings, both including and excluding bonuses, rose but remain below the headline rate of inflation. This means that real wages are continuing to fall and adding to the cost of living crisis.
The economy is being hit by a wave of industrial action across several sectors as workers reject wage rises that are below the rate of inflation.
Train drivers are holding a pair of two day strikes this week, but they insist that their action is about working conditions, although they are also demanding an increase that is close to the rate of inflation.
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.