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August 2016

UK unemployment rate remained at 4.9%

Published: Wednesday 17 August 2016

The UK unemployment rate remained at 4.9% and the UK's jobless claims fell by 52,000 to 1.64 million, according to the ONS.  The number of people on the claimant count in July, the first month since Brexit, was 763,600, down 8,600 from June. The unemployment rate is at its lowest since the summer of 2005 while the jobless total is now at its lowest for eight years.
 
This evening will be the FOMC releasing the minutes from its July meeting.  The report will be scrutinized for any indications of a potential interest rate hike by the Fed this year and further details into what the central bank currently thinks about the US economy.  Ahead of the release, Atlanta Fed President Dennis Lockhart said on Tuesday that he believed the U.S. economy would likely be strong enough to handle at least one rate hike before the end of 2016.  Meanwhile, New York Fed President William Dudley said a rate hike in September was ‘possible’. However, given the sluggish performance of inflation and the hesitancy the Fed has displayed all year, traders will need further signals from the central bank before they begin to price in a chance of a hike as soon as September.

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