Labour Market Statistics: January 2023

The ONS have released the latest Labour Market Overview covering the months of September – November 2022.

What Does This Mean For Youth Employment?

Headlines for young people aged 16 – 24

In work:

• The employment rate has risen slightly on the previous quarter by 0.2ppts and is now 54%
• The employment level has risen by just over 12,000 to 3,692,000

Unemployment:

• The unemployment rate has risen by 0.6ppts to 11.1%
• There are currently just under 461,000 young people classed as unemployed, an increase of 30,000 on the previous quarter

Economically inactive

• The economic inactivity rate is 39.3%, a slight fall of 0.6 ppts on the previous quarter
• The number of young people who are economically inactive stands at 2,686,000 down by just over 44,000 on the previous quarter

Headlines for all ages

In work

• The employment rate for 16-64-year-olds stays the same as the previous quarter at 75.6%, and remains lower than pre-pandemic levels.
• The number of people in employment rose by 7,000 on the previous quarter and now stands at 32,780,000 for all ages.

Unemployment

• The unemployment rate for all ages is 3.7%, the same as the previous quarter and still below pre-coronavirus pandemic levels.
• The number of people who are unemployed rose by 3,000 on the previous quarter.

Economically inactive

• The economic inactivity rate for 16-64-year-olds stands at 21.5%, the same as the previous quarter.
• The number of those classed as economically inactive was up by 9,000 for 16-64-year-olds.