The next meeting will be held on Thursday 27 May 2021; again this meeting will be a virtual meeting. On this occasion we will be using GoToMeeting again but we are investigating the use of alternative systems.Find Out More
The latest labour market data (Aug – Oct 2017) shows a mixed picture; the number of people with a job has decreased, as has the number of unemployed.
Analyst say Britain’s long employment boom is faltering as the number of people in work fell by 56,000 in the three months to October. Unemployment also decreased by 26,000, but only because of a rise in economic inactivity, a grouping that counts those who’ve ceased to look for work. The unemployment rate is static at 4.3% – its lowest since 1975.
October labour market data shows there were 1.43 million people not employed nor seeking work, 182,000 fewer than for a year earlier. In terms of the long-term unemployed, there are 375,000 people who have been out of work for over 12 months. Nearly a quarter of a million people (205,000) have been unemployed for over 2 years.
Youth unemployment shows a similar picture – for Aug to Oct 2017 the unemployment rate for 16 to 24 year olds was 10.2%, lower than a year earlier (11.7%). The unemployment rate for those aged 16 to 24 has been consistently higher than that for older ages, and since comparable records began in 1992 the lowest youth unemployment rate was 11.6% for March to May 2001. Long-term unemployment (16-17 year olds unemployed for one year or more) sees a slight decrease since the last data release, from 6.2% (Jul – Sept 2017) to 4.6% in the latest reporting round.
Average weekly earnings increased by 2.5% compared to last year – in real terms a fall of 0.2%. Inflation is currently at 3.1% – a near six year high. Food, fuel, airline fares and recreational costs have driven the cost of living up at its fastest rate since March 2012.