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Big drop in UK's January jobless claims
Source: Bloomberg News |
February 21, 2013, Thursday
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Print Edition
Print Edition
UK jobless claims fell more than twice as much as forecast in January as job creation surged, showing the resilience of the labor market amid a fragile economic recovery.
Unemployment claims fell 12,500 from December to 1.54 million, the Office for National Statistics said yesterday in London. The median forecast of 24 economists in a Bloomberg News survey was for a drop of 5,500. In the quarter through December, unemployment as measured by International Labor Organization methods fell 14,000 to 2.5 million. Employment rose 154,000, the biggest gain since the middle of 2012.
The figures will provide a boost for British Prime Minister David Cameron, with the economy on the brink of a triple-dip recession and his Conservative Party trailing behind the Labour opposition in opinion polls. Labour says Cameron is to blame for holding back growth by trying to cut the budget deficit too quickly.
"It has been a bright spot among the data in the last year or so," said Samuel Tombs, an economist at Capital Economics Ltd in London. "The employment surveys have been on an improving trend, suggesting there's further gains in employment ahead. There are reasons to expect this strong trend to continue over the next few months but over a longer horizon we're skeptical it can be maintained."
A separate report published yesterday showed that three Bank of England policymakers, including Governor Mervyn King, favored adding stimulus to the economy this month. Only one had called for extra asset purchases in January.
Unemployment claims fell 12,500 from December to 1.54 million, the Office for National Statistics said yesterday in London. The median forecast of 24 economists in a Bloomberg News survey was for a drop of 5,500. In the quarter through December, unemployment as measured by International Labor Organization methods fell 14,000 to 2.5 million. Employment rose 154,000, the biggest gain since the middle of 2012.
The figures will provide a boost for British Prime Minister David Cameron, with the economy on the brink of a triple-dip recession and his Conservative Party trailing behind the Labour opposition in opinion polls. Labour says Cameron is to blame for holding back growth by trying to cut the budget deficit too quickly.
"It has been a bright spot among the data in the last year or so," said Samuel Tombs, an economist at Capital Economics Ltd in London. "The employment surveys have been on an improving trend, suggesting there's further gains in employment ahead. There are reasons to expect this strong trend to continue over the next few months but over a longer horizon we're skeptical it can be maintained."
A separate report published yesterday showed that three Bank of England policymakers, including Governor Mervyn King, favored adding stimulus to the economy this month. Only one had called for extra asset purchases in January.
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