The latest unemployment figures from April 2011 show that approximately 18% of young people (i.e. those aged 18-24) are unemployed. The youth unemployment figures have been described by Prime Minister David Cameron as “disappointing”.
By comparison, the unemployment rate for older people (i.e. those aged i.e. those aged 50 and over) is just over 4%.
The chart below shows these figures for the six most recent quarters.
These figures also include those in full time employment and this may overinflate the figures for younger people. John Philpott, Economic Adviser for the Chartered Institute for Personnel and Development (CIPD) says it is "perfectly sensible" to count students because they "have some influence on the degree of wage pressure in the labour market". But he has also said that, with student numbers rising, their inclusion "does once again magnify youth unemployment as an indicator of social distress".
Looking deeper into the figures, further disparity in the labour market becomes apparent.
Nearly half of unemployed people aged over 50 have been unemployed for over 12 months and this number continues to rise. By comparison, just over a quarter of unemployed young people have been unemployed for over 12 months and this number continues to shrink.
Of the high levels of long term unemployed 50+ workers, Age UK Director Marlene Mitchell said,
"If hundreds of thousands of 50-plus workers remain stuck in long-term unemployment, the government's plans to 'reinvigorate' retirement and extend working lives will remain a hollow soundbite for many people.
"Before pushing people back into the recruitment arena or forcing them to work for longer, the government must lay the foundations of a better job market for older people with fairness and flexibility as cornerstones."
For more information, contact Tom Heys.
Click here for a pdf of the graphs.
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