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Responding to the labour market stats release by ONS on 10 September 2024, Stephen Evans, Chief Executive of Learning and Work Institute, said:
“The labour market continues to show signs of easing on most measures. Employment growth looks to have slowed at best and vacancies are down one third since their peak, though still above pre-pandemic levels. The Government will set out its plans to increase employment in the autumn as part of its push for growth. We estimate its 80% employment rate ambition would mean 2.4 million more people in work, boosting the economy by more than £20 billion. That requires extending support to the nine-in-ten out-of-work disabled people who don’t get help to find work each year. The challenge is large, but so is the prize.”
Dr Helen Gray, Chief Economist of Learning and Work Institute, said:
“This month’s labour market figures show a mixed picture, with unemployment continuing to fall for those aged 25 or more, but increasing for those aged 16 to 24. There are also stark differences at a regional level, with the rate of employment falling and economic inactivity rising in the North East and Wales in particular. Ongoing issues with the Labour Force Survey mean caution is needed in interpreting data based on smaller sample sizes, such as when looking at subgroups of respondents or regional breakdowns. However, it is apparent that any plan to increase the employment rate will need to address local factors driving higher rates of economic inactivity. In addition, we are calling for a Young Person’s Guarantee to offer all young people a job, training place or apprenticeship to smooth the transition from education to employment.”
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