Labour market analysis, December 2024

Responding to the labour market stats release by ONS on 17 December 2024.

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17 12 2024

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Stephen Evans, Chief Executive of Learning and Work Institute, said:
On most measures the labour market looks flat, with employment little changed and vacancies down. Employment growth seems to have driven most by rises in health and social care, with the latest HMRC data showing falls in sectors like hospitality. This suggests an underlying weakness in the economy. Progress toward the Government's 80% employment rate target depends on getting the economy going and providing more help for people outside the labour market to find jobs.
Dr Helen Gray, Chief Economist of Learning and Work Institute, said:
The percentage of young people not in full-time education, employment or training has been on an upward trajectory over the past two years. There are some signs that the unemployment rate for people aged 16-24 is reaching a peak, but the number of young people out of work for six months or more is continuing to rise. Implementing a Young Person’s Guarantee to offer all young people a job, training place or apprenticeship, would increase the likelihood of the Government achieving its ambition of an 80% employment rate.

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