Labour Market Update for London – August 2015
Latest figures continue to show a slight softening, or levelling off, in London’s labour market.
London’s employment rate (i.e. the proportion of London’s resident working age population in employment) in the three months to June 2015 increased slightly to 72.1 per cent – up by 0.1 percentage points on the previous quarter, and by 0.2 percentage points on the year. Workforce jobs (i.e. the number of jobs located in London, whether or not they are taken by residents of London), which were not updated this month, reached 5.620 million in Q1 2015 – a new high since the measure began in 1996 and an increase of 160,000 (or 2.9 per cent) over the year.
London’s ILO unemployment rate in the three months to June 2015 was 6.7 per cent. This is up 0.4 percentage points on the previous quarter but down 0.6 percentage points on the year. The timelier claimant count showed a very slight decrease in the numbers claiming Jobseeker’s Allowance or out-of-work Universal Credit in July 2015; with the rate remaining unchanged from the previous month at 2.0 per cent (and down 0.6 percentage points on the year). London’s economic inactivity rate (the proportion of working age population who are not seeking or able to start work) fell by 0.4 percentage points on the previous quarter, but it is up 0.2 percentage points on the year.
*All figures are seasonally adjusted. Rates are based on working age (16 – 64 male and female), with the exception of unemployment rate which is age 16 and above.
** Since June 2015, the labour market release headline measure of the Claimant Count includes some claimants of Universal Credit as well as JSA claimants. These Universal Credit estimates are still being developed by the Department for Work and Pensions. The ONS have therefore decided that the Claimant Count estimates including Universal Credit will continue to be designated as experimental statistics even though they are now the headline measure. A consistent series on this basis is currently available only back to November 2013.