Unemployment rates in London for men and women (1992-2021 Q3)
The unemployment rate in London more than halved since its post-financial crisis peak in 2011 (10.3%) to 4.5% in 2019. 2020 saw it increase substantially to 6.6%, reaching levels not seen since 2014, before starting to drop back again in 2021 (5.4%). This increase is likely the result of the slowdown of the economy caused by the COVID-19 pandemic, the very start of which is captured by this indicator. Other factors, such as those put on furlough and the change in inactivity within the labour market, should also be considered.
Over the past three decades, the gender split of unemployment has become more even. In 1993 the unemployment rate was more than 40% higher amongst men compared to women, but by the early 2010s the numbers were broadly similar for both genders. Since 2011, the unemployment rate has fallen similarly for both women (from 9.9% to 4.3% in 2019) and men (from 10.7% to 4.7% in 2019). However, the impact of the coronavirus pandemic on unemployment appears to be larger for women than for men, as the percentage of unemployed women remains elevated in 2021 from the 2019 level standing at 5.9% in the August to October quarter of 2021.