Friday, 17 April 2015

UK labour market update - April 2015

A brief analysis of the ONS Labour Market Statistics published on 17 April

Unemployment has fallen in the last year, but there is still considerable underemployment, with many people looking for additional work.

The number of workers with second jobs continues to increase – up 59,000 on a year ago and 96,000 on two years ago.

Youth unemployment also remains high at around three times the overall unemployment rate.

Compared with a year ago there are an extra 50,000 over-65s in work, and an extra 115,000 compared with two years ago. This rapid increase may be due to the paucity of private pension provision – employment increases may be driven in part by workers simply not being able to afford to retire.

Regular pay rose by 1.8% - still well below pre-crisis trend and low, but benefiting from low inflation depressed by oil prices. House prices are rising at more than four times the rate of wages.

... Longer term analysis will be published later this month 

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