Latest Figures Reveal 958,000 Unemployed Youths

The Office of National Statistics (ONS) have released the latest figures on the labour market, revealing that youth unemployment currently stands at 958,000, a figure that has changed little since the start of 2013.

The unemployment rate for 18-24 year olds has risen by 0.1 percentage points to 21.0%, with a total of 2.66 million young people economically inactive (75% of which are in full-time education).

In total, there are 3.6 million 18-24 year olds in employment in the UK, a figure that has decreased by 34,000 since May.

Leo Quinn, QinetiQ Group CEO and a founder of The 5% Club,  said:

“Although these figures show overall unemployment falling, they continue to highlight our challenge with youth unemployment. The UK is globally disadvantaged by its skills shortage, yet we still have over [one million] 16-24 year olds with no career prospects.

“A lot of good work is being done from the education end: now it’s up to us in industry to create the jobs in which our young people can develop their ability and drive Britain’s future prosperity. We set up The 5% Club to galvanise those of us in corporate life to invest in this generation: we need as many companies as possible to sign up and help improve this situation.”

To view the latest ONS labour market data, click here.