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Youth unemployment figures at lowest for over two years

Posted on Wednesday, 19 February by

Youth Unemployment

According to official figures released by the Office for National Statistics (ONS), the number of jobless young people has fallen to its lowest level for two and a half years.

The data reveals that for the first time since the second financial quarter of 2011, the rate for people aged between 16 and 24 has dropped to 19.9% in the three months leading up to December 2013.

In actuality, that means 917,000 young people aged between 16 and 24 were unemployed between October and December last year, a drop of 48,000 on the previous quarter – this contributed to an overall fall in the number of unemployed people in the whole of the UK of 125,000.

Youth unemployment rate

Youth unemployment rate since April 1992 (source: Sky News)

Employment Minister Esther McVey (Conservative) said:

With employment continuing to increase, it’s clear that the government’s long-term plan to build a stronger, more secure economy is helping businesses create jobs and get people into work.”

The ONS also found that the UK’s total unemployment rate dramatically increased to 7.2%, but the number of jobless people in Britain fell by 125,000 between October and December 2013 to 2.34 million.

David Cameron welcomed the figures with a tweet: “It’s good to see another fall in unemployment. Our #LongTermEconomicPlan means more people with the security of a wage & a chance in life.”

For graduates already in jobs, a small boost was received last quarter with average earnings increasing by 1.1% in the year to December, up from 0.2% on the previous month.

ONS Labour market data

Infographic source: ONS

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Lewis Scrafton
22. Co-founder and editor of SQ Magazine. Studying at University of Sussex. Interned at MATTER and published in The Guardian.

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