2. Labour Market Information

What is the Labour Market and how can we use its information?

The Labour market is all about the supply and demand for jobs. We can look at the data from the Labour market to help us plan for the future. Data from the Labour market can help you decide:

  • What skills and qualifications you need for a specific job
  • How much can you earn in a job
  • Which job sectors are growing
  • Which jobs need more people right now
  • Which jobs have a higher percentage of men or women

The goal of this page is to provide you with the tools to plan for your future. On this page you will find information about the current state of the Labour market, both nationally and locally, information about the future of work and other important information to help you make decisions about your career.

Graduate Labour Market Statistics

The government publishes information on labour market conditions for different groups of people. It shows:

  • In 2019, the median salary of working-age graduates was £34,000. This represents no change from 2018. Non-graduate salaries rose to £25,000, narrowing the gap between the two groups to £9,000.
  • The employment rate for working-age graduates in 2019 was 87.5%, slightly lower than the rate in 2018 (87.7%).

65.6% of working-age graduates were in high-skilled employment in 2019, compared with 78.9% of postgraduates and 23.9% of non-graduates. Although this represents a slight increase of 0.2 percentage points since 2018 for graduates, the rise was larger for both postgraduates (2.4 percentage points) and non-graduates (1.0 percentage point).

The UK Labour Market

Key points:

  • The UK employment rate is 76.3%
  • People on average work for 31.9 hours per week, earning £30,414 per year (on average)
  • The fastest growing sectors are Financial Tech, Digital Marketing, Biotechnology, Gaming and VR, IT, Engineering and Healthcare

West Midlands Labour Market

Key points:

  • The employment rate in the West Midlands is 75.4%
  • People on average work for 31.7 hours per week, earning £28,730 per year (on average)
  • The sectors set to grow are Construction, Health & social work, Support services, Transport/Storage and Professional services

Annual employment rates – working age population (2007 – 2019)

Annual median salaries – working age population (2007 – 2019)

High skilled employment rates – working age population (2007 – 2019)

Employment, unemployment and inactivity rates of the young population 2019

Occupation Information

The website below allows you to look at a range of information on different jobs and compare them as you look at choices.

It allows you to see what you might be paid, how many hours you have to work and also what might happen to the workforce in this area of work. That means that you can start looking not just for today and tomorrow but for later in life too.

http://www.lmiforall.org.uk/explore_lmi/

The Future Of Work

The website below allows you to look at how the jobs market might change by 2024.

It gives predictions based on current trends and developments, for example predicting that there will be a fall in the number of bank clerks (possibly because of the move to online banking) yet a rise in the number of senior care workers (possibly because of the aging population). This is useful when looking at your career for life.

https://datahub.rcultd.co.uk/blocks/labour-market-information