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London employment rate grows at double UK average

by LLB Reporter
20th Feb 13 11:56 am

London’s employment rate grew at double the pace of the national average between Q3 2012 (July to September) and Q4 2012 (October to December).

Some 45,000 additional Londoners came into employment between Q3 and Q4 2012, which works out as 0.6% of London’s working age population, according to the government’s Office of National Statistics (ONS). UK employment also grew over the same period, but by only 0.3%.

London’s employment rate stood at 70.3% of the working age population in Q4 2012, at 3.93 million people.

That is behind the UK average of 71.5%, but it’s good news for the capital nonetheless, as London has seen the fastest employment rate growth year-on-year of any UK region. London’s employment rate increased by 2.8% from Q4 2011 to Q4 2012. That figure stands heads and shoulders above the UK rate increase of 1.1% over the same period.

Encouragingly, the total number of unemployed Londoners dropped by 10,000 between Q3 2012 and Q4 2012, to 362,000 Londoners. That equates to a 0.3% drop between the final quarters of 2012, to an unemployment rate of 8.4% in Q4 2012.

This is all positive news and continues the past year’s trend for increased employment in London – which is particularly buoying since it was only in autumn of 2011 that one in 10 Londoners was unemployed, stranding the capital with one of the highest unemployment rates in the country at that time.

As a bit of background to all this, in August 2012 the ONS released its employment figures for Q2 2012, finding 46,000 people in the UK had been taken out of unemployment over the three-month period. Of those, a whopping 42,000 were Londoners.

There were widespread cries at the time that the London boost was merely the result of an Olympic jobs injection, which would fizzle away again once “short-term” employment created solely because of the Olympics died off. At the time, I wrote that there were promising indicators that London’s unemployment drop was not just an anomaly.

We can but hope my optimistic inklings then were right, and this positive trend will continue.

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