Yet more evidence from ONS of the profound generational imbalance of the economic effects of the pandemic.
Of the Feb 2020-Feb 2021 annual decrease in employee jobs (down 693,000 overall)
63.1% (437k) were under 25
25.2% (174k) were 25-34
50-64s? Net increase of 32,000 jobs.
Of the Feb 2020-Feb 2021 annual decrease in employee jobs (down 693,000 overall)
63.1% (437k) were under 25
25.2% (174k) were 25-34
50-64s? Net increase of 32,000 jobs.
So a staggering 88.3% of the employee job losses from February 2020-February 2021 were among 18-35 year olds.
Better (qualified) news. The quarterly rise in unemployment has slowed to 5%. Is 1.1% up on the year. A year ago that would have looked wildly optimistic (though of course furlough is still in operation so should be treated with a bit of caution). Employment continues to decline. 
Flip side to that of course is that economic inactivity is up 0.3% on the quarter
On the generational angle, reminder too that students remain virtually the only major group of society not to be given a date for the resumption of their usual activity- ie no date in the roadmap for university reopening, only a review which will report after the Easter holidays.
If you’re in this category- 35 and under and lost your job in last year, as ever interested to hear your experiences of the labour market. Do DM.
Unemployment rates by age group (Jan 2021)
18-24: 13.2%
25-49: 3.7%
50+: 3.8%
18.5% of the 18-24s have been unemployed for 12 months or longer.
18-24: 13.2%
25-49: 3.7%
50+: 3.8%
18.5% of the 18-24s have been unemployed for 12 months or longer.
This is still a lower rate of youth unemployment than we had during the last crisis at the start of the last decade. Nonetheless, as I said at the start of the thread, it is the young who are bearing the enormous brunt of employee job losses.
We also know that young people are more likely to have been furloughed. If the scheme's unwinding goes wrong that has the potential to add to youth unemployment further.
Reporting on this subject for tonight's Newsnight- tune in shortly.
https://twitter.com/BBCNewsnight/status/1374479940800765964?s=20
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