London’s unemployment rate remains the highest for any region in the United Kingdom. London’s unemployment rate of 5.6% (Q3, 2021) compares favourably particularly against New York and Berlin (both have unemployment rates of nearly 10%) but less so with Hong Kong (4.7%).There are mixed signals coming from London’s labour market: However, London’s recovery appears to have stalled in the second half of 2021 with Q3 growth of just 1.5% (quarter on quarter) compared to 4.6% in Q2. The cities in our survey share a basic economic pattern: they all record a fall in output over the first two quarters of 2020, recoveries in the second half of that year followed by generally lower levels of growth (and even some shrinkage) in 2021. ![]() In 2021, London recorded modest recovery in its economic output level, but it is still operating below pre-Pandemic (2019) levels ![]() ![]() Headline findings for a selection of our indicators (all provided further below in the report) are as follows:
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