Global Employment Trends

Global Employment Trends, 2013: ILO

  • Global labour markets are worsening again
  • New recession conditions in Europe have been spilling over globally
  • Policy incoherence has led to heightened uncertainty, preventing stronger investment and faster job creation
  • The continuing nature of the crisis has worsened labour market mismatches, intensifying downside labour market risks
  • Job creation rates are particularly low, as typically happens after a financial crisis
  • The jobs crisis pushes more and more women and men out of the labour market
  • Youth remain particularly affected by the crisis
  • Weak labour markets holding back private consumption and economic growth
  • Despite a recovery over the medium run, unemployment remains elevated
  • Labour productivity growth has slowed sharply, preventing further gains in living standards
  • Structural change has slowed down in emerging and developing economies, damaging engines of growth
  • Further progress in reducing working poverty and vulnerable employment requires higher productivity growth and faster structural change
  • A new consumer class is emerging, but is not yet large enough to constitute an independent engine of growth

 

 

 

Unemployment in the Eurozone could reach almost 22 million

Eurozone Jobs Crisis: ILO

  • Labour markets in the Eurozone have not yet recovered from the global crisis that hit the world economy in late 2008.
  • Total employment remains 3.5 million lower than before the crisis.
  • Following a modest recovery in 2010 and 2011, employment has fallen since the start of 2012 in half of the Eurozone countries for which recent data are available.
  • By April 2012, the Eurozone unemployment rate reached 11 per cent, representing 17.4 million jobseekers.
  • If the current policy course does not change quickly¬† it is possible that a further 4.5 million jobs will be lost over the next four years.