Labour market update for London – May 2016
Latest figures show record levels of employment and the lowest unemployment rate since 1992
London’s employment rate (i.e. the proportion of London’s resident working age population in employment) in the three months to March 2016 increased to 73.2 per cent – up by 0.3 percentage points on the previous quarter, and up by 1.1 percentage points on a year earlier. This is the highest employment rate since this measure began in 1992. 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 5.576 million in Q4 2015 – a new high since the measure began in 1996 and an increase of 85,000 (or 1.5 per cent) over the year.
London’s ILO unemployment rate in the three months to March 2016 was 5.8 per cent. This is down 0.4 percentage points on the previous quarter, and 0.5 percentage points on the previous year. This is the lowest unemployment rate for London since this measure began in 1992. The timelier claimant count showed a decrease in the numbers claiming Jobseeker’s Allowance or out-of-work Universal Credit in April 2016; with the rate remaining the same as the previous month at 1.8 per cent and down 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.