The employment rate in Milton Keynes has declined when compared to the previous year, leaving the rate of employment in MK lower than across the South East.
According to the Office for National Statistics (ONS),MK’s employment rate for ages 16-64, decreased from 81.9% in the year ending Sept 2022, to 78.3% by the year ending Sept 2023, whilst the rest of the South East’s employment rate slightly increased.
The unemployment rate for those aged 16 and over in MK is 3.7%, according to ONS. Statistics show that the rate of individuals looking for work in MK increased Sept 2023, compared to the previous year ending Sept 2022. Leaving Milton Keynes to have a higher unemployment rate than across the South East.
The rate of economic inactivity; individuals who are neither employed or looking for employment, has increased in MK compared to the previous year. ONS found that in the year ending September 2022, the percentage of those aged 16-64, who were economically inactive stood at 16.6%. However, in just a year, the percentage of people economically inactive increased to 19.3%.
Source: Annual Population Survey from the Office for National Statistics
The economic inactivity across the South East decreased from 2022 to 2023. Whilst MK’s increased, the amount of people aged 16-64 across the South East who were economically inactive decreased from 19.6% in the previous year, to 18.7% in the year ending Sept 2023.
In 2022, it was recorded that 149,000 people, 16 and over, in Milton Keynes were in employment, however by a years time, in Sept 2023, the amount of employed individuals had dropped by 12,000 people to 137,000. Statics show that the unemployment rate in MK increased from 2.9% in 2022 to 3.7% in 2023. Although there was overall increase of unemployment across the South East, records show that Milton Keynes still has a higher unemployment rate compared to across the South East.
