Labour market update for London – February 2016
Latest figures show continued high levels of employment
London’s employment rate (i.e. the proportion of London’s resident working age population in employment) in the three months to December 2015 increased to 72.9 per cent – up by 0.5 percentage points on the previous quarter and up 1.0 percentage points on a year earlier. The employment rate is around its highest level since these records began in the early 1990s. Similarly, although not updated this month, workforce jobs in London (i.e. the number of jobs located in London, whether or not they are taken by residents of London), reached 5.575 million in Q3 2015 – a new high since the measure began in 1996 and an increase of 98,000 (or 1.8 per cent) over the year. [It should be noted that the workforce jobs series has been revised down from previously published figures].
London’s ILO unemployment rate in the three months to December 2015 was 6.3 per cent. This is down 0.1 percentage points on the previous quarter and down 0.1 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 January 2016; with the rate remaining unchanged from the previous month at 1.9 per cent and down 0.3 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.