Home Business NewsOlympics Olympics drive down unemployment in London

Olympics drive down unemployment in London

by LLB Editor
15th Aug 12 5:19 pm

The Olympic Games are believed to have provided the jobs boost which has seen unemployment continue to fall in London, statistics have shown.

London’s jobless ranks dwindled by 42,000 to reach 366,000 in the three months to the end of June, according to figures from the Office for National Statistics.

The Olympic Games have been credited for having a major impact in reducing unemployment across the country. The fall in London accounted for much of the 46,000 reduction in unemployment nationally.

But despite the impressive progress the job market has made in the capital, London’s unemployment rate stands at 8.7%, higher than the UK average of 8%.

The number of people in employment in London went up by 99,000 over the quarter to 3.83 million.

Hays in the City managing director James Lloyd-Townshend said: “The ‘Olympics effect’ on employment remains to be seen but it is likely to show a mixed picture, with some areas recruiting heavily to build, maintain and man the venues and other areas quieter while they took time out to enjoy the Games.

“If the promise of jobs and housing comes to fruition with legacy projects it will give the City another boost.

“We still have a long way to go restoring confidence amongst employers and jobseekers, which is the ultimate factor impacting on recruitment, but in the meantime we are seeing opportunities for jobseekers. It is about knowing where your skills fit and what opportunities have high demand.

“First the Olympics and then positive employment figures – both are giving the nation’s spirit a lift and there’s no stopping the UK at the moment.”

Unemployment across the country is now at its lowest level for a year after a significant rise in the number of people in work.

The number of jobseekers’ allowance claimants was 1.59 million last month, a fall of 5,900 on June’s figures, the statistics show.

Meanwhile, the number of people in part-time work has hit a record high of 8.07 million, with 1.42 million people saying they are only working in this sort of job because they cannot find full-time work.

Work and pensions secretary Iain Duncan Smith said: “These are positive and encouraging figures demonstrating the strength of our private sector – notwithstanding the difficult economic times it is still creating jobs, the vast majority of which are full time. Unemployment is falling and the claimant count is down.”

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