By David Milliken
LONDON, Dec 12 (Reuters) - The number of Britons claiming
unemployment benefits rose less than expected in November and
the number of people in work hit a record high, data showed.
CLAIMANT COUNT UNEMPLOYED NOV OCT F'CAST
Monthly change -3,000 6,000 (10,100) 7,000
Rate 4.8 4.8 (4.8)
ILO UNEMPLOYMENT AUG-OCT MAY-JULY AUG-OCT 11 F'CAST
Total (mln) 2.510 2.592 2.637
Rate 7.8 8.1 8.3 7.8
Change on qtr -82,000 n/a n/a
- Lowest unemployment level since March-May 2011
- Highest employment level since records began in 1971
JAMES KNIGHTLEY, ING
'The UK jobs report shows some reasonably encouraging
newsflow on the labour market.'
'The main disappointment was the fact that despite the gains
in employment, there is no pick-up in wage growth, which remains
at 1.8 percent, year on year.
'The fact that UK employment is rising, consumer confidence
is up and anecdotal evidence of retail sales haven't been too
bad, offers some hope that the domestic situation in the UK is
'The BoE's Funding for Lending Scheme is also showing some
tentative signs of supporting the economy, with borrowing costs
edging lower. As a result, it seems the main risks for the UK
are currently external through the US fiscal cliff and Eurozone
worries, which the Bank of England can do little to offset other
than subtly try and talk down sterling.'
ROB WOOD, BERENBERG BANK
'Close to expectations, but I think the bottom line is that
employment growth is slowing. It Has slowed a bit over the past
few months and weak UK growth may be beginning to catch up with
the labour market.'
'I think they confirm the picture of stagnation heading into
Q4. With an economic contraction on the cards for the fourth
quarter, and it looking weak in Q1, we'll probably see some more
slowing in the labour market.'
'Earnings growth, which slowed and was below consensus
expectations (was) again a bit of downside news'
'The BoE were expecting a weak fourth quarter anyway so
maybe not too much news for them, but as things to continue to
weaken further, then it makes a move more likely.'
(Reporting by UK economics team)
Keywords: BRITAIN ECONOMY/
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