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Podcast: Beyond Currency
Episode: 14 December 2022 - Claimant count, an indicator of a slowdown in economy
Description: The employment report for November was released yesterday. The claimant count rose from a downwardly revised -6.4k to 30.5k. This is a definite indicator of a slowdown in the economy.
As the claimant count rises, fewer people are in work paying taxes while more people are claiming benefits, which reverses the flow of funds into the Treasury.
Average earnings, both including and excluding bonuses, rose but remain below the headline rate of inflation. This means that real wages are continuing to fall and adding to the cost of living crisis.
The economy is being hit by a wave of...