What do the latest statistics tell us about our UK workforce?
9 Feb 2024
In the latest revelation from the Office for National Statistics (ONS), the landscape of the UK labour market unveils a mixed bag of statistics.
While the workforce has expanded significantly, a concerning trend emerges with a staggering increase in individuals sidelined due to long-term sickness.
According to the recalculated estimates by the ONS, the UK labour market has witnessed a surge in employment, with employment up 170,000 compared to previous estimates. However, this is overshadowed by the number of individuals not participating in the workforce due to long-term sickness which has soared to a new record high of 2.8 million.
The revised estimates indicate a slightly larger share of younger workers aged 16-24, alongside a decrease in the proportion of workers aged 25-34 and 50-64. This shift, particularly the reduction in 'prime age' workers, contributes to the revised and more subdued assessment of the employment landscape.
As we navigate through the complexities of the 2020s, initiatives aimed at promoting health and well-being in the workforce, coupled with strategies to bolster employment opportunities, will be pivotal in shaping a resilient and inclusive labour market for the future.