Report

Youth Unemployment / The hardest hit by the global crisis says ILO

The world could face years of jobless economic recovery, with young people set to be hit hardest as global unemployment continues to rise this year, a report from the International Labour Organisation warns.

As the World Economic Forum kicks off in the Swiss town of Davos on Wednesday with a focus on growing inequality, the ILO has highlighted a “potentially dangerous gap between profits and people”.

The UN agency forecasts millions more people will join the ranks of the unemployed as companies choose to increase payouts to shareholders rather than invest their burgeoning profits in new workers.

The ILO’s Global Employment Trends report forecasts that world unemployment will rise to 6.1% this year from 6% in 2013 and will remain well above its pre-crisis rate of 5.5% for several years.

Unemployment rate: developed countries v world

It puts the youth unemployment rate at 13.1%, more than double that for the whole workforce and almost three times the adult rate of 4.6% – a record for the ratio of youth to adult unemployment.

Guy Ryder, the ILO’s director-general also highlighted rising inequality as wages fail to pick up, long-term unemployment problems intensify and progress stalls on cutting working poverty.

“Corporate profits are up and global equity markets are looking forward to another year of plenty, while at the same time unemployment and household incomes stand still,” he said.

“The modest economic recovery has not translated into an improvement in the labour market in most countries. Businesses have been sitting on cash or buying back their own stocks, rather than investing in productive capacity and job creation.”

Chosen excerpts by Job Market Monitor. Read the whole story at 

Guardian

via ILO warns young hit hardest as global unemployment continues to rise | Business | The Guardian.

The ILO’s Report: Global Employment Trends 2014 – Risk of a jobless recovery? 

Global unemployment increased by 5 million people in 2013 and, on current trends, it would rise by a further 13 million people by 2018 affecting young people disproportionately, intensifying long-term unemployment in advanced economies and interrupting earlier progress in terms of, first, participation rates second, vulnerable employment, expected to have reached 48 per cent of total employment, third, working poverty, with 839 million workers living on less than US$2 a day and finally, stubbornly high informal employment.

Capture d’écran 2014-01-21 à 08.53.08

Tackling the employment and social gaps requires job-friendly macroeconomic policies and greater attention to labour market and social policies

With 23 million people estimated to have dropped out of the labour market due to discouragement and rising long-term unemployment, active labour market policies (ALMP) need to be implemented more forcefully to address inactivity and skills mismatch. Indeed, with more and more potential workers becoming discouraged and remaining out of the labour force, the risk of skills degradation and obsolescence is increasing. However, currently only small amounts of public spending go into active labour market measures. Even in OECD countries, which tend to have relatively advanced institutions and practices in this respect, an average of less than 0.6 per cent of GDP was spent on such measures in 2011. Estimates show that by bringing spending up to 1.2 per cent of GDP, similar to those countries that spend the most on ALMP, an additional 3.9 million jobs could be created in the Developed Economies and European Union region. Regions that currently spend the least on active labour market policies are likely to benefit the most in terms of an improved functioning of their labour markets.

Capture d’écran 2014-01-21 à 08.54.17

Chosen excerpts by Job Market Monitor. Read the whole story at 

Capture d’écran 2014-01-21 à 08.52.29

Source: Global Employment Trends 2014 Risk of a jobless recovery? 

Related articles

Discussion

Trackbacks/Pingbacks

  1. Pingback: OECD / Europe’s youth is explosive issue, not deflation | Job Market Monitor - January 23, 2014

  2. Pingback: Jobs problem will be “the defining one” for next 20- 30 years says Google chief in Davos 2014 | Job Market Monitor - January 24, 2014

  3. Pingback: Europe / 31.2 million people of all ages are either looking for jobs, willing to do so | Job Market Monitor - January 27, 2014

  4. Pingback: Latin American youth / Trapped by unemployment and informality says ILO | Job Market Monitor - February 14, 2014

  5. Pingback: East Asia Rising Pool of Unemployed Grads / Are there too many ? | Job Market Monitor - February 18, 2014

  6. Pingback: Poverty and Unemployment and Full Employment / The Early Debate between Beatrice Webb, Sidney Webb and William Beveridge | Job Market Monitor - February 18, 2014

  7. Pingback: UK – Young People in the Labour Market: 69% of young people not in full-time education were employed at the end of 2013 | Job Market Monitor - March 12, 2014

  8. Pingback: Europe – Priorities to tackle youth unemployment | Job Market Monitor - March 26, 2014

  9. Pingback: Youth Unemployment In Europe – A misdiagnosis | Job Market Monitor - April 10, 2014

  10. Pingback: Australia – Youth long-term unemployment has more than tripled since 2008 says a report | Job Market Monitor - April 28, 2014

  11. Pingback: Latin America and the Caribbean – Urban unemployment fell to historic lows in 2013 ILO reports | Job Market Monitor - May 22, 2014

  12. Pingback: Global unemployment hit 200mn last year says ILO, and it will worsen | Job Market Monitor - June 3, 2014

  13. Pingback: Canada – Aging population could have a positive effect on the labour market outcomes of youth research finds | Job Market Monitor - June 21, 2014

  14. Pingback: Youth Unemployment Around the World | Job Market Monitor - July 14, 2014

  15. Pingback: Youth Unemployment – Current high levels will be felt by society for decades | Job Market Monitor - July 28, 2014

  16. Pingback: Youth unemployment – Education not providing young people with appropriate skills says Pauline Rose | Job Market Monitor - August 21, 2014

  17. Pingback: Youth in US – Worse than in 1980s for job and pay | Job Market Monitor - August 30, 2014

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)

The Most Popular Job Search Tools

Even More Objectives Statements to customize

Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office

Follow Job Market Monitor on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Job Market Monitor via Twitter

Categories

Archives

%d bloggers like this: