Has the youth unemployment rate (15-24) improved in May?

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The youth unemployment rate for those aged 15 to 24 years saw a slight improvement in May 2023.

In May 2023, the unemployment rate for individuals aged 15 to 24 years decreased to 11%, down by 0.1 percentage points from the 11.1% recorded in April 2023. This change corresponds to a reduction in the number of unemployed youths in this age bracket, falling to 313,000 persons from 315,600 in the preceding month.
Decline in Unemployed Youths (15-24)

The figures for May 2023 indicate a positive shift for the youngest segment of the labour force. The number of unemployed persons within the 15 to 24 age group saw a decrease, reflecting an easing of unemployment in this demographic. This specific rate has been closely monitored as an indicator of future labour market entry.
Contrasting Trend for Broader Youth Group (15-30)

Despite the improvement for the 15-24 age group, the broader youth category encompassing ages 15 to 30 experienced a rise in its unemployment rate. This rate increased by 0.3 percentage points to 7% in May 2023, with the number of unemployed individuals in this range climbing to 448,600. This contrasts with April 2023, when the rate stood at 6.7%, with 441,000 unemployed youths.
Overall Labour Market Performance

The overall labour market in May 2023 showed a decrease in the total number of unemployed persons, which fell by 0.4% to 584,600. The national unemployment rate remained stable at 3.5% for the second consecutive month. Concurrently, the labour force expanded slightly by 0.2% to 16.86 million persons, with the number of employed individuals also inching up by 0.2% to 16.28 million. The labour force participation rate held steady at 70%.

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Has the youth unemployment rate (15-24) improved in May?

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