Unemployment: 7.9% Up From 7.7% According To Fx

[Realistbear]

Linky will no doubt follow.

Jobs are the trigger.

Edit:

http://www.forexfactory.com/calendar.php?month=12&year=2010

Orrible news really--but necessary for the greater good.

Edited December 15, 2010 by Realistbear

[Realistbear]

£ taking a hit on this news.

This is where it begins--the REAL action.

No jobs, or fear of job loss = no buy expensive gaffs, try to sell expensive gaffs quick.

Big news

[yellerkat]

Unemployment rises above 2.5m according to Grauniad breaking business news:

[exiges]

And yet the claimant count is down, I'm sure that's what the BBC will be reporting.

[MrFlibble]

No jobs, or fear of job loss = no buy expensive gaffs, try to sell expensive gaffs quick.

Too true and in the UK all gaffs are expensive gaffs, at least relative to wages, which are going nowhere fast.

[yellerkat]

And yet the claimant count is down, I'm sure that's what the BBC will be reporting.

Yes, if your granny has taken a holiday in the last 20 years your claim is disallowed.

Grauniad article:

Unemployment rises unexpectedly

UK unemployment has risen back over the 2.5m mark after a

surprise

increase in the number of people out of work this autumn.

The number of people out of work in Britain rose by 35,000 in the three months to October, pushing the jobless total up to 2,502,000. This raised the UK's unemployment rate to 7.9%, from 7.7% in the previous quarter, the highest rate in six months.

City economists had expected a 15,000 drop in the number of people out of work, which would have left the unemployment rate at 7.7%,

The Office for National Statistics also reported a small fall in the number of people claiming unemployment benefits. The claimant count dropped by 1,200 in November, to 1.4627m, compared with analyst forecasts of a 3,000 decline.

[Pent Up]

http://www.bbc.co.uk/news/business-11998364

UK unemployment total increases to 2.5m

Unemployment in the UK increased by 35,000 in the three months to October to 2.5 million, the Office for National Statistics (ONS) has said.

It was first time that the jobless measure has risen for six months.

The increase pushed the unemployment rate up to 7.9%, a higher rate than analysts had expected.

[porca misèria]

£ taking a hit on this news.

This is where it begins--the REAL action.

No jobs, or fear of job loss = no buy expensive gaffs, try to sell expensive gaffs quick.

Or a need to securitise ones assets in something tangible, like a house.

Speaking as one of this month's newly-unemployed[1,2], I'm now rather tempted to buy a house so that rent doesn't eat away at my assets.

[1] Won't be in anyone's published figures yet.

[2] I've been expecting this since my employer was borged in February. Or rather, since the announcement of the takeover last year. Got a nice redundancy payoff by waiting to be pushed rather than jumping, though And redundancy pay gets generous treatment from the taxman, especially the first £30k which is completely tax-free

Edited December 15, 2010 by porca misèria

[Pent Up]

Inflation up

Household incomes squeezed further

Mortgage rates to rise

Mortgage tightening worsening

Mortgage lending lowest for 30 years

Potential Q1 11 base rate rise

Higher unemployment

Less lender forbearance

More repossessions

Housing market carnage 2011 anyone?

[Misanthrope]

The employment rate for those aged from 16 to 64 for the three months to October 2010 was 70.6 per cent, down 0.1 on the quarter. This is the first quarterly fall in the employment rate since the three months to April 2010. The number of people in employment aged 16 and over fell by 33,000 on the quarter to reach 29.13 million. The number of people employed in the public sector fell by 33,000 on the quarter to reach 6.01 million while the number of people employed in the private sector was unchanged on the quarter at 23.11 million. The number of people working full-time fell by 58,000 on the quarter to reach 21.17 million while the number of people working part-time increased by 26,000 to reach 7.96 million. The number of employees and self-employed people who were working part-time because they could not find a full-time job increased by 46,000 on the quarter to reach 1.16 million, the highest figure since comparable records began in 1992.

The unemployment rate for the three months to October 2010 was 7.9 per cent, up 0.1 on the quarter. This is the first quarterly increase in the unemployment rate since the three months to April 2010. The total number of unemployed people increased by 35,000 over the quarter to reach 2.50 million. Male unemployment increased by 11,000 on the quarter to reach 1.46 million and the number of unemployed women increased by 24,000 on the quarter to reach 1.04 million, the highest figure since the three months to May 1988. There were 839,000 people unemployed for over twelve months, the highest figure since the three months to February 1997 and up 41,000 on the quarter.

There were 158,000 redundancies in the three months to October 2010, up 15,000 on the quarter. This is the first quarterly increase in redundancies since the three months to April 2010.

The number of people claiming Jobseeker’s Allowance (the claimant count) fell by 1,200 between October and November 2010 to reach 1.46 million, although the number of people claiming for up to six months increased by 11,600 to reach 954,900. The number of male claimants fell by 6,000 on the month to reach 1.03 million but the number of female claimants increased by 4,800 to reach 437,600.

The inactivity rate for those aged from 16 to 64 for the three months to October 2010 was 23.2 per cent, unchanged on the quarter. The number of economically inactive people aged from 16 to 64 increased by 22,000 over the quarter to reach 9.29 million. The category showing the largest increase over the quarter was those who had taken retirement before reaching the age of 65. The number of people in this category increased by 27,000 on the quarter to reach 1.53 million.

The earnings annual growth rate for total pay (including bonuses) was 2.2 per cent for the three months to October 2010, up from 2.1 per cent for the three months to September. The earnings annual growth rate for regular pay (excluding bonuses) was 2.3 per cent for the three months to October 2010, up from 2.2 per cent for the three months to September.

Source: Office for National Statistics

[Harry Monk]

Inflation up

Household incomes squeezed further

Mortgage rates to rise

Mortgage tightening worsening

Mortgage lending lowest for 30 years

Potential Q1 11 base rate rise

Higher unemployment

Less lender forbearance

More repossessions

Housing market carnage 2011 anyone?

You forgot "SMI ending for 2009 claimants".

[neil324]

Inflation up

Household incomes squeezed further

Mortgage rates to rise

Mortgage tightening worsening

Mortgage lending lowest for 30 years

Potential Q1 11 base rate rise

Higher unemployment

Less lender forbearance

More repossessions

Housing market carnage 2011 anyone?

It's like a perfect storm, when everything converges together and bang. Public sector cuts should be added to the list also, unemployment is rising already without those jobs loses showing on the stats yet.

The only rabbit out of the hat trick is more QE, would that be possible with inflation where it is and where it's going next year.

[rantnrave]

It's like a perfect storm, when everything converges together and bang. Public sector cuts should be added to the list also, unemployment is rising already without those jobs loses showing on the stats yet.

The only rabbit out of the hat trick is more QE, would that be possible with inflation where it is and where it's going next year.

Yes, but Spring is coming and everything will be alright then! You just watch HPs bounce...

[57percent]

It's like a perfect storm, when everything converges together and bang. Public sector cuts should be added to the list also, unemployment is rising already without those jobs loses showing on the stats yet.

The only rabbit out of the hat trick is more QE, would that be possible with inflation where it is and where it's going next year.

I think they'll try and keep rates low for at least 2011, but can't see any way they could justify more QE.

Otherwise, a perfect storm. I'm expecting 10%+ drop in halifax/nwide numbers.

[bearwithasorehead]

Base rates will not rise Q1 11. I'll eat Crusty's proverbial hat if they do.

[Pent Up]

You forgot "SMI ending for 2009 claimants".

I missed a fair bit off actually

[Reck B]

Inflation up

Household incomes squeezed further

Mortgage rates to rise

Mortgage tightening worsening

Mortgage lending lowest for 30 years

Potential Q1 11 base rate rise

Higher unemployment

Less lender forbearance

More repossessions

Housing market carnage 2011 anyone?

+ Less help for mortgage payers.

Drat, beaten to it.

errrr,,, quick, think of another one. ummmm, errrr

+ Twigs in vases go out of fashion & lose their appeal to would-be buyers.

Edited December 15, 2010 by Reck B

[Pent Up]

So this is entirely public sector job losses. The cuts are here after all!

158,000 redundancies in the three months to October.

[red]

Simply the fear of losing one's job is enough - I myself am revising my plans for buying having had a lean couple of years work-wise; I know people who've shelved plans to buy altogether as they fear losing their jobs. Could this alone prove to be the catalyst?

[Oliver Sutton]

Inflation up

Household incomes squeezed further

Mortgage rates to rise

Mortgage tightening worsening

Mortgage lending lowest for 30 years

Potential Q1 11 base rate rise

Higher unemployment

Less lender forbearance

More repossessions

Housing market carnage 2011 anyone?

But what about the royal wedding?

Doomster !!!

[Olebrum]

Looks like the plan is working.

[Toto deVeer]

We've never had is so good, eh?

[bearwithasorehead]

Simply the fear of losing one's job is enough - I myself am revising my plans for buying having had a lean couple of years work-wise; I know people who've shelved plans to buy altogether as they fear losing their jobs. Could this alone prove to be the catalyst?

ditto

I was a big spender a couple of years ago. I've cut my everyday expenditure in half over the last 18 months. So presumably someone, somewhere has lost their job because of me. Now I've got a nice 2-3 year buffer of savings and investments if I get the chop.

[T_V]

So this is entirely public sector job losses. The cuts are here after all!

158,000 redundancies in the three months to October.

I think this is the most important aspect of the report:

Public vs private

The rise in the number of jobless was almost entirely driven by the public sector, where employment fell 33,000, according to the ONS's latest monthly labour market report.

However, the private sector failed to take up the additional slack, with employment remaining unchanged.

The government is relying on private sector job creation to offset an estimated 330,000 public sector redundancies over the next four years due to government austerity measures.

But David Birne, insolvency practitioner at accountants HW Fisher, describes this view as being out of touch with what is happening on the ground.

"For the UK's businesses and their employees, 2011 is shaping up to be harsher than any of the past three years," said Mr Birne.

"This time next year we expect unemployment to be considerably higher than it is at present, as many more of Britain's companies go to the wall. We deal with companies of every size and from every sector day in, day out and for a large chunk of them things are looking very bleak indeed."

UK unemployment total increases to 2.5m

[tinker]

Blessed are those that took early retirement from the Public or Finance Sector.

And keep their hand in with a bit of consultancy work.

Custy!