New analysis from Centre for London has found that London’s economy remains buoyant – with unemployment falling and job numbers reaching a record high – despite continuing political uncertainty from Brexit, and a significant slowdown in population growth.
Published today in The London Intelligence, Centre for London’s quarterly review of data on London, the analysis of economic data has found that:
- Job numbers in the capital reached a new high of 5.9 million at the end of June 2018, an increase of 1.9 per cent on a year previously and the highest since it started being recorded in this way in 1996. This is compared to the rest of the UK, where job numbers grew by just 0.5 per cent over the year.
- Job growth has spread through London’s economy – the real estate sector and the creative industries both grew significantlyby 7 per cent each in the first quarter of 2018, bucking a previous downward trend.
- Unemployment is also down to 255,000, falling 0.4 per cent since last year.
- Business confidence, as measured by the Purchasing Manager’s Index, stood at 56.2 in June, its highest since October last year, and one point higher than the UK as a whole.
While London’s economy is demonstrating resilience, a significant growth in the number of people moving from London to rest of the UK, and a slowdown in international migration, suggest that the city is become a less desirable place to live and work.