New analysis of Labour Market Statistics published today by ILC-UK reveals:
- Real weekly pay amongst 16-21 year olds has fallen by nearly 40% since 2007 which is likely to have contributed to the rise in the number of young people living at home.
- The over 50s have made the largest net contribution (+1.1 million) to the numbers of people in employment since 2007.
- Despite this positive contribution, weaknesses remain – especially regarding the numbers of people aged 50-64 in unemployment which is at historically high levels.
- The recent rise in the number of unemployed women aged 50-64 can be partly explained by population change and rising economic activity perhaps in response to household income pressures and changes to the state pension age.
- While male unemployment has been falling since 2010, it has remained persistently high after rising sharply in response to the 2008 recession.
- For individuals that have been out work for a considerable period of time, government and employers must invest in the retraining necessary to reintegrate them into the workforce.
Commenting on the results, Ben Franklin, Research Fellow, ILC-UK said
“While the latest figures on unemployment show a welcome fall in the headline rate, weaknesses remain. Unemployment amongst the younger generation has been persistently high and this has helped contribute to a substantial fall in real earnings making it necessary for an increasing number to continue living with their parents.
There is also persistent unemployment (much of it long-term) amongst an albeit smaller contingent aged 50-64, some of which may be the result of structural changes to the labour market since 2008. It is vital that those who are unemployed get the support they need in terms of training, reskilling and careers advice to help them re-join the workforce.“
The briefing is available to view below - or follow the link to download from Scribd.
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