In March 2021, young people accounted for around two thirds of the total fall in employment since the start of the pandemic, and youth unemployment was almost four times higher than the rest of the working-age population. However, following an overall labour market recovery, the UK now faces a recruitment crisis, with employers struggling to hire the staff they need for vital jobs. Despite record levels of job vacancies, employment rates are lower than pre-pandemic and levels of economic inactivity (people not involved in the labour market) have risen. Although the UK's NEET (not in education, employment or training) rate has recovered from its post-pandemic peak, the number of NEET young people who are economically inactive (not looking for work) continues to rise despite the job vacancies. This report investigates the characteristics, circumstances and challenges faced by young people who are NEET--both those who are economically inactive and those who are seeking employment, but have been unable to secure jobs. It is based on secondary data analysis of labour market data, a poll of 200 NEET young people, and two youth voice activities. Among the key findings are: (1) a gradual but continual increase over the past ten years in the proportion of young people who are economically inactive due to sickness or disability or who are inactive for 'other' reasons; (2) Mental health has been identified as a substantial barrier to employment for young people who are NEET; (3) Other important barriers include the job application process, a lack of confidence, a lack of work experience, childcare or caring responsibilities, a lack of flexibility, financial barriers and insufficient training or qualifications; and (4) There are stark gender differences in the reasons for young people being NEET. There are also large variations across other groups of NEET young people, including by ethnic group, qualification level and age. A geographical analysis shows strong regional and subregional variation in both NEET rates and reasons for being NEET. [Support for this research was provided by the Prince's Trust and HSBC UK.]