Labour market update for London – October 2015
Latest figures show record levels of employment and the lowest unemployment rate since 1992
Latest figures for London’s labour market show the highest proportion of Londoners in employment since at least 1992. London’s employment rate (i.e. the proportion of London’s resident working age population in employment) in the three months to August 2015 stood at 72.5 per cent (up by 0.7 percentage points on the previous quarter, and by 0.4 percentage points on the previous year). This follows last month’s figures which showed the level of workforce jobs in London (i.e. the number of jobs located in London, whether or not they are taken by residents of London) at 5.645 million in Q2 2015 – a new high since the measure began in 1996. The positive employment figures were complemented by the lowest unemployment rate in London since at least 1992. In the three months to August 2015, London’s ILO unemployment rate was 6.0 per cent (down 0.8 percentage points on the previous quarter and down 0.6 percentage points on the year).