Global| Sep 17 2003UK Employment Rises; Older Workers Increase Participation
Summary
Labor force data for the UK out Wednesday show a continuing gain of 3,000 in employment in the three months centered on June from the three months centered on March (the customary style of the UK Statistics Office monthly reports on [...]
Labor force data for the UK out Wednesday show a continuing gain of 3,000 in employment in the three months centered on June from the three months centered on March (the customary style of the UK Statistics Office monthly reports on the labor force). Unemployment edged down 2,000 and the rate held steady at 5.1%. . Other details of this report reveal interesting trends in the workforce. The concept known as the "labor force" in the US is called the "economically active population" in the UK. It numbers some 29.4 million in the latest three-month period, constituting 63.1% of the population aged 16 and over. This proportion has changed little overall in the 11-year history of these data, by only 0.9 percentage point. However, such an aggregate figure masks significant shifts in labor force participation by various age groups. Relatively fewer young people are working or want to work, while the number of older workers is rising rapidly. It's not just that the population of old people is growing, their labor force participation -- or rather, for the UK, their "rates of economic activity" are showing marked increases. This indicates a recent and distinct shift away from "early" retirement, yielding an older, more experienced labor force in the UK.
| Economic Activity Rates | Number (millions) |
"Jun" (3 months ended Jul) |
"Mar" (3 months ended Apr) |
Year Ago | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|---|---|
| All ages, 16+ | 29.4 | 63.1 | 63.0 | 62.8 | 62.9 | 62.7 | 62.8 |
| Ages 16-24 | 4.6 | 69.8 | 69.5 | 70.3 | 70.5 | 70.8 | 71.3 |
| Ages 25-34 | 6.6 | 83.4 | 83.3 | 83.7 | 83.7 | 83.8 | 84.2 |
| Ages 35-49 | 10.8 | 84.8 | 84.9 | 84.9 | 84.8 | 84.7 | 85.0 |
| Ages 50-59 | 6.5 | 72.5 | 72.4 | 70.6 | 70.8 | 70.2 | 69.8 |
| Ages 60 and over | 1.0 | 9.1 | 9.0 | 8.7 | 8.7 | 8.3 | 8.2 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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