Recent job growth benefits millennials

We’re now NatWest Group

Come and visit us for all our latest news, insights and everything NatWest Group.

Recent job growth benefits millennials

NatWest Regional Economic Tracker shows over 50's have gained the most economically since the recession but millennials have benefitted most from recent job growth.

Economic Analysis

14 April 2016

Younger and older workers have done well out of the job growth over the last 12 months.


In the year to September 2015 employment amongst 16-24 year olds rose by 4%, comfortably outperforming the 1.9% rise in employment across all age groups. But the young didn’t gain at the expense of the old. Employment amongst 50-65 year olds rose by 3.2% and was up by 4.9% for the over 65s.

Yorkshire, London and the South West have seen the strongest employment gains amongst millennials whilst the East Midlands has seen job growth of approaching 25% amongst the over 50’s in the last 12 months.


Regional employment growth by age, year to Q3 2015 Source: Office for National Statistics

But the longer-run story isn’t quite so balanced. There are 5.1% more people in work compared to pre-recession levels, yet there are actually fewer young people working. Employment amongst 16-24 year olds is 5% lower than it was in 2008. Meanwhile job growth in the 50-65 and 65+ brackets has hit 14% and 66% respectively.This means that job growth amongst the over 50’s accounts for all of the rise in employment since the pre-crisis peak.

People working longer is a major theme of this recovery. Every UK region has seen more than a 50% rise in the number of over 65s working, but only London has higher employment amongst 16-24 year olds than it did back in 2008.

Related articles

Yorkshire & the Humber takes top spot for job growth in Q3 2015

Yorkshire & the Humber shows the highest rate of job growth in the UK for Q3 2015 according to the NatWest Regional Economic Tracker.

Dropping down the gears - Economics Weekly

This week's Economics Weekly covers productivity, inequality and youth unemployment.

Latest news

RBS to help 2.5 million people each year to be more financially capable

RBS has today committed to helping 2.5 million people in the UK each year to improve their financial capability.

RBS to increase lending to sustainable energy sector following £1.1bn securitisation of loans to UK sustainable energy market

RBS has executed a £1.1bn securitisation deal with Macquarie Infrastructure Debt Investment Solutions (MIDIS), which will allow the bank to recycle capital and increase lending to the sustainable or renewable energy sectors.

RBS launches £1 billion Female Entrepreneurship Funding and announces targets to help create at least 50k new businesses by 2023

RBS has today announced a new £1 billion in funding through NatWest to support female entrepreneurs in the UK to scale and grow – the largest intervention by a UK lender focused specifically on female-led businesses.

We’re now NatWest Group

Come and visit us for all our latest news, insights and everything NatWest Group.

Set Tab for lightbox