UK unemployment fell by 65,000 to 1.36 million in three months to June – the lowest for more than 40 years. They also show a rise in productivity, but a slowdown in wage growth.
The official figures from the Office for National Statistics (ONS) on unemployment revealed that:
- 5% unemployment in London is near record low (persons aged 16-64, April-June 2018), driven in particular by fewer young people and fewer women out of work.
- The young person (18-24 year old) unemployment rate was 12.7%, 2.1 percentage points lower than the same point last year.
- Overall female unemployment in London was down 1.2 percentage points, compared to the same period last year, and now stands at 5.3%.
- London still has a marginally higher unemployment rate than the rest of the country (4%), but the latest figures show a small gap in contrast to historical trends.
Responding to the figures, Ben Rogers, Director at Centre for London: “Despite the strong Brexit headwind, London is demonstrating resilience. These low levels of unemployment are encouraging, with particularly strong job growth in Real Estate, Information and Communication and the Arts sectors.
“But high costs of living the in capital means that strong labour market performance is not necessarily translating into improved living standards for ordinary Londoners. And there are worries over pay levels for some groups, especially for those entering the labour market. These could be stumbling blocks for London in the future.”
Secretary of state for work and pensions Esther McVey said: “With the unemployment rate falling further to just 4%, and youth unemployment down over 45% since 2010, school leavers this week can look forward to a growing jobs market, improving the prospects for their future careers.”
Since you are here
Since you are here, we wanted to ask for your help.
Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.
Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.
If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.
To donate or subscribe to The London Economic, click here.
The TLE shop is also now open, with all profits going to supporting our work.
The shop can be found here.
You can also SUBSCRIBE TO OUR NEWSLETTER .