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.
“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.