Claimant Count Change
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Claimant Count Change presents a change in the total number of people claiming unemployment benefits during the given month. The indicator is calculated based on administrative data on the system of benefits and social support.
This includes people claiming unemployment related benefits and applying for other forms of financial support upon loss of earning opportunities. For example, such forms include the so-called Universal Credit, a monthly payment, now replacing six earlier canceled benefits and charges.
A change in Claimant Count is connected with the
unemployment growth, but they are not absolutely identical. First, not all the unemployed claim benefits and are officially registered. Second, some people who are not obliged to seek work (e.g. due to illness or disability) may also be eligible for benefits.
Nevertheless, the indicator reflects the situation in the labor market. Claimant count growth indicates deterioration in the labor market. Employment reports are one of the most important factors affecting the actions of the BoE’s Monetary Policy Committee; therefore weakness in the labor market may have a negative effect on the GBP quotes.
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