Labour market update for London – December 2022
Alongside the summary of key points, you can find our London labour market update on the London Datastore.
To complement our London-level update, you can also find more in-depth analysis of Claimant Count data for London boroughs here.
Previous updates and other labour market analyses are also available.
- The most timely estimate of payrolled employees shows an increase of around 18,000, or 0.4%, in London between October and November 2022 and was 3.1% above pre-pandemic (February 2020) levels.
- The employment rate in London was estimated at 75.9% for the three months ending October 2022, up 1.0 percentage points (pp) on the previous quarter and up 0.4pp on the same period in the previous year. London’s employment rate was higher than the UK average (75.6%).
- The unemployment rate was still higher than the UK average. London’s unemployment rate was estimated at 4.5%, up 0.2pp on the quarter and down 0.9pp from a year earlier. The UK average was 3.7%.
- London’s inactivity rate (the measure of those not looking and/or not available to work) was estimated at 20.7%. This was down 1.0pp on the previous quarter and up 0.4pp on the previous year, and is lower than the UK-wide estimate of 21.5%.
- The total number of workforce jobs increased by 35,000, or 0.6%, between the second and third quarter of 2022, and was 210,000, or 3.4%, above pre-pandemic (December 2019) levels.