Youth Futures Foundation’s Post

Today's labour market statistics from the Office for National Statistics (ONS) revealed that the employment rate for young people not in full-time education remains below 70%, hovering at around a 10-year low.📉 Chris Goulden, Director of Impact and Evidence at Youth Futures Foundation, comments: “Today’s job data from the Office for National Statistics for August to October reveals that the employment rate for young people not in full-time education remains below 70%, hovering at around a 10-year low. About 1 in 8 of that group are unemployed and 1 in 5 are economically inactive. “There has been a jump in economic inactivity – where people are out of work and not looking for a job currently – for young women not in full-time education to 23%, which is the highest for over a year. “As well as creating a brighter future for young people across the country, addressing the youth unemployment challenge is unavoidable if the Government wants to achieve its missions on ‘economic growth’ and ‘breaking down barriers to opportunity’. Our analysis tells us that if we were able to reduce our NEET rate to that of the Netherlands, approximately 500,000 more young people across the UK would be in work or education, which would provide a long-term boost to the UK’s economy of £69bn. “Following the publication of its Get Britain Working white paper last month, we look forward to continuing to work closely with Government in the design and delivery of the Youth Guarantee and establish a Youth Advisory Panel to support the further development and implementation of the policy.” Visit our Data Dashboard for the latest youth employment data ➡️ https://lnkd.in/eYdXxzJ2

More concerning data emerges from today's Office for National Statistics Labour Market Stats regarding youth employment in the UK. Dr Andrea Barry, Principal Economist at Youth Futures Foundation, comments: “As the new government unveils its plans, we must address the ongoing youth unemployment challenges that require immediate action. “Today’s ONS Labour Market Stats produce yet another worrying picture for the youth employment landscape in the UK. The data reveals that 12.5% of young people, aged 16-24 and out of full time education, are unemployed and searching for work. Though we’ve seen a slight decrease in those young people who are economically inactive, this still remains high at 19.6%. “To secure a prosperous future, the government must place youth employment at the heart of its policies, so that we can create better opportunities and brighter futures for young people across the country.” Visit our Data Dashboard for the latest youth employment data ⬇️ https://lnkd.in/eYdXxzJ2 Visit our website to read our response to yesterday’s announcements in the King’s Speech ⬇️ https://lnkd.in/evj-6HwD

The latest ONS Labour market data revealed today that yet again unemployment for 16-24-year-olds has risen, by 0.6% to 14.5%, compared with 4.4% unemployment of all ages. This continued rise of youth unemployment highlights the need to seriously re-think and adapt what we are doing to address this urgent societal challenge, and the vital importance of working collectively across-sectors on shared solutions. Whilst there is clearly a serious consequence for the almost 1 in 7 young people directly affected, this is also a very real and urgent problem for EVERYONE! There is still a significant skills and labour shortage across multiple industries, and with the right support, systems and access in place, there are literally a million young people who could help to fill those gaps. And, if growth is what this Government wants, recent research found that reducing the number of young people 'not in education, employment or training (NEET)' to the same levels as the Netherlands (under 5%) could generate £69 billion in GDP. Spark!, alongside West London Business, West London Alliance and the West London Careers Hub are working hard to address these issues in west London, and are working with employers, schools, councils and the voluntary sector to establish a 'Youth Employment Roadmap', to build cross-sector collective responsibility and clear tangible actions each can take, in the short-term and long. If you'd like to find out more please do get in touch. #YouthGuarentee #GetBritainWorking #YouthEmployment #YouthUnemployment #NEET #Careers #CEIAG #YouthEmploymentRoadmap

This morning, the Office for National Statistics published the latest UK labour market figures. 📈 Abigail Coxon, Senior Economist, Youth Futures Foundation, comments: Today’s ONS Labour Market statistics reveal an overall upward trend in unemployment for young people aged 16-24 not in full-time education, with the unemployment rate reaching 11.9%, up from 11.5% in the previous quarter. Young women have experienced the largest increase in their unemployment rate, however their rate is still lower than young males. “We must address the persistent levels of youth unemployment in order to create a brighter future for young people across the country. Long-term unemployment has been shown to have a great impact on young people, not just in terms of financial security but also mental and physical wellbeing. We must find solutions that help create opportunities so that young people can reach their potential.” Visit our Data Dashboard for the latest youth employment data ⬇️ https://lnkd.in/eYdXxzJ2

"In nearly every country in the world, youth unemployment is much higher than general unemployment. Unfortunately, the pandemic only exacerbated matters. During a crucial stretch of their early careers, young adults were locked out of entry-level jobs, destroying their ability to pick up work experience and potentially impacting their long-term earnings. Now, nearly three years after COVID-19 first hit, young adults from some countries, like China, are struggling to find jobs. Using data from the OECD and the National Bureau of Statistics of China, we chart out the youth unemployment rate for 37 countries."

The Labour Market data from the Office for National Statistics continues to reveal some concerning trends. There is an alarming economic inactivity rate for young men who are not in full-time education, with figures reaching almost 20%. Dr Andrea Barry, Principal Economist at Youth Futures Foundation, said: “Today’s ONS Labour Market statistics reveal that unemployment continues to rise for young people across the country. Along with an increase in people out of work, economic inactivity is also on the rise for young people aged 16-24. The unemployment rate for young people not in full-time education has risen from 10.3% to 11.5% in the last quarter. Economic inactivity is especially bad for young men not in full-time education, as it reaches almost 20%. To prevent further escalation in youth unemployment and economic inactivity, we must take action promptly. By actively assisting young individuals in securing meaningful employment, we can help pave the way for a brighter future for them while also enhancing the strength of our labour market.” Visit the Data Dashboard for the latest data and research on youth employment ⬇️ https://lnkd.in/eckixrZ5

Today's labour market statistics from the Office for National Statistics (ONS) revealed that the number of unemployed young people remains high. Dr Andrea Barry, Principal Economist at Youth Futures Foundation, comments: “The latest data from the ONS Labour Market statistics reveal a concerning trend of persistent youth unemployment, with over 12.6% of UK youth aged 16-24 out of full-time education currently unemployed. Additionally, 20.2% young people not in full-time education are economically inactive. "These figures further highlight the scale of the challenge to achieve the Prime Minister's ambitious goal to eradicate youth unemployment, which he set out at Labour Party Conference. It remains achievable in the long-term, and we agree that initiatives like the Youth Guarantee are a crucial first step. "As co-chairs of the Youth Employment Group, we have strongly supported the Youth Guarantee as a solution to address the significant issue of young people not in employment or education. We stand eager to continue our work with Government, partners, and young people to make this a reality."

I got a question via DM over the weekend that said: “You talk about population decline in China, causing labor shortages but they have a problem with youth unemployment, what gives…?” Good question. First, for those who may not be familiar, China’s youth unemployment, peaked at 21.3% last year after which the government simply stopped reporting the metric prompting widespread criticism. A few months later, they brought back the metric with a revised calculation. I wrote about it at the time, but the gist is that they started excluding students. Youth unemployment has traditionally included those aged 16-24, but importantly, it only includes people who are looking for work. So, if you’re a student and not looking for work, you weren’t included anyway. In effect, the new system excluded only students who were actively looking for work, but unable to find it. Even the revised number, however has recently jumped from around 13% to over 17%. So why so many unemployed young people when there should be a labor shortage? There are two main reasons. The first is overall economic weakness. When the economy is weak, businesses hesitate to add people. This is especially true in China where employment laws make it difficult to let people go once they’re hired. The second main reason is a profound mismatch between applicants and jobs. The pervasive belief that education is the only reliable path to success has driven many Chinese students to attend college. China’s economy, however, has been driven by investment in infrastructure and manufacturing. The government has scaled back increasingly unprofitable investments in infrastructure creating weakness in that market for graduates in fields like engineering and architecture. The jobs that are available are mostly in manufacturing and agriculture where even widespread investments in automation have not been able to keep up with labor demand. These are exactly the kind of jobs young people were trying avoid by going to college and getting a degree. There is a third emerging reason for high youth unemployment…AI. AI has surprised almost everyone by plausibly automating the exact kind of cognitive tasks typically performed by entry level college graduates. It’s likely that this impact is minimal at the moment and most confined, ironically, to the tech sector. This factor will likely expand, however, possibly becoming the biggest problem at some point in the next few years if AI continues to develop at a rapid pace. So, the simple reason for the seemingly paradoxical problem of labor shortages and youth unemployment is 1) general economic weakness, 2) mismatch between young people’s skills and the market’s needs and 3) an emerging issue with AI replacing or augmenting humans in jobs and tasks historically in the domain of college educated entry level applicants. #china #economy #unemployment

📊 Youth Unemployment in the UK: An Alarming Trend 📈 As reported in FE News (21 November 2024, https://lnkd.in/egNReeKZ), the latest Office for National Statistics data highlights a troubling rise in young people aged 16-24 classified as NEET (Not in Education, Employment, or Training): 🔹 13.2% of youth NEET, up from 12.2% last quarter. 🔹 Gender disparity: 15.1% young men vs. 11.2% young women. 🔹 Over half (552,000) are economically inactive—not seeking work. 🔹 18-24 group hardest hit, with a NEET rate of 15.6%. 💬 Dr. Andrea Barry (Youth Futures Foundation): 📈The rise in NEET rates, especially among young men, is alarming. Achieving participation rates like those in the Netherlands could boost GDP by £69Bn and bring over 500,000 young people into work. 📈 💬 Stephen Evans (Learning and Work Institute): 🚨NEET numbers have risen by 150,000 since the pandemic, reflecting a 20% increase. Urgent action is needed to prevent long-term damage to career prospects. 🚨 💬 Richard Hamer (BAE Systems): 🔧Awareness of alternative career pathways is dangerously low, with just 6% of young people knowing what apprenticeships are. Industry and government must collaborate to expand opportunities. 🔧 💬 Russell Hobby CBE (Teach First): 🎓Education remains key to tackling youth unemployment. More funding for disadvantaged pupils is critical to equalizing opportunities and fostering a skilled workforce. 🎓 💬 Stephen Greene CBE (UK Year of Service): 🤝One million NEETs represent untapped potential that needs nurturing through diverse career paths. Collaboration is essential to unlocking this generation’s capabilities. 🤝 💬 Paul Nowak (Trades Union Congress (The TUC)): 💼Prolonged unemployment jeopardizes young people’s long-term stability and increases poverty risks. Labour’s youth guarantee must prioritize paid work and high-quality training. 💼 🚨 Call to Action The NEET crisis impacts individuals and the economy. Now is the time for government, businesses, and educational institutions to create inclusive pathways for all young people, ensuring they can thrive and contribute to national growth. #YouthEmployment #NEET #SkillsForTheFuture #FutureOfWork

This is now becoming a crisis about sustainable futures and must be addressed alongside Net Zero ambitions. With collaborative effort and joined up intervention programmes we can resolve this