Sat. Sep 26th, 2020

Young people and part-time workers hit by fall in UK employment – business live

Number of people in work across Britain has fallen by the most since 2015

10.50am GMT

Young people and part time workers are bearing the brunt of the UK jobs slowdown, as these charts from ING show:

The recent fall in employment has been predominantly driven by 18-24 year-olds, and once that group is stripped out, jobs growth is still positive. A large chunk of the fall has also been led by part-time employees. It’s not clear whether these two factors are linked, but both can be reasonably volatile parts of the jobs data.

But with forward-looking hiring indicators deteriorating, and given the risk that Brexit uncertainty persists into 2020, there’s a clear risk the jobs market deteriorates further over coming months.”

10.43am GMT

Geraint Johnes, Professor of Economics at Lancaster University Management School, has spotted that the number of part-time workers has fallen very sharply over the summer.

More than 100,000 more workers were employed full-time over the latest three-month period than in the previous quarter. This increase is roughly evenly split between employees and self-employed workers. Set against this good news, however, is a very large decline in numbers of part-time workers – a fall of 160,000 in total.

Overall, therefore, the number of people in employment has fallen. This is accompanied by a rise in the numbers of people who are economically inactive – especially amongst 18-24 year olds. Meanwhile, unemployment has fallen by some 23,000 and the unemployment rate is back down to 3.8%.

Continue reading…Number of people in work across Britain has fallen by the most since 2015Latest: Young people and part-time workers hitUK employment down by 58,000 in last quarterBiggest drop in employment since 2015The key chartsWage growth slows to 3.6% 10.50am GMTYoung people and part time workers are bearing the brunt of the UK jobs slowdown, as these charts from ING show:The recent fall in employment has been predominantly driven by 18-24 year-olds, and once that group is stripped out, jobs growth is still positive. A large chunk of the fall has also been led by part-time employees. It’s not clear whether these two factors are linked, but both can be reasonably volatile parts of the jobs data.But with forward-looking hiring indicators deteriorating, and given the risk that Brexit uncertainty persists into 2020, there’s a clear risk the jobs market deteriorates further over coming months.” 10.43am GMTGeraint Johnes, Professor of Economics at Lancaster University Management School, has spotted that the number of part-time workers has fallen very sharply over the summer. More than 100,000 more workers were employed full-time over the latest three-month period than in the previous quarter. This increase is roughly evenly split between employees and self-employed workers. Set against this good news, however, is a very large decline in numbers of part-time workers – a fall of 160,000 in total. Overall, therefore, the number of people in employment has fallen. This is accompanied by a rise in the numbers of people who are economically inactive – especially amongst 18-24 year olds. Meanwhile, unemployment has fallen by some 23,000 and the unemployment rate is back down to 3.8%. Continue reading…