Unemployment rates in London for men and women (Oct 1992 - Oct 2022)
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 6.5%, reaching levels not seen since 2015. This increase is likely the result of the slowdown of the economy caused by the COVID-19 pandemic. Other factors, such as those put on furlough and the change in inactivity within the labour market, should also be considered. Unemployment rates sharply decreased again in 2022 a year when pandemic restrictions were lifted, reaching their lowest level since 1992 (4.5% in August to October 2022).
Over the past three decades, the gender split of unemployment has become more even overall. 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 fell for both women (from 9.9% to 4.3% in 2019) and men (from 10.7% to 4.5% in 2019). However, the impact of the coronavirus pandemic on unemployment appears to have been larger for women than for men, as the percentage of unemployed women in 2021 jumped over 2020 and 2021 to a peak of 7.3% in August to October 2020. By 2022, levels of unemployment dropped for both genders but with the gap that grew with the pandemic still present.