International Labor Organization Says Global Unemployment to Rise

The global jobs market will continue to deteriorate in the coming years,, while rising income inequality and high youth unemployment will stoke more social unrest, a new report warns today.

The International Labour Organization (ILO) says a slowdown in economic growth means more jobs will be lost this year with young people again bearing the brunt of the financial crisis and its aftermath.

Releasing its latest forecasts, the ILO said the challenge of bringing unemployment back to pre-crisis levels “now appears as daunting a task as ever”.

ILO director general Guy Ryder said: “More than 61 million jobs have been lost since the start of the global crisis in 2008 and our projections show that unemployment will continue to rise until the end of the decade. This means the jobs crisis is far from over so there is no place for complacency.”

By 2019, more than 212 million people will be out of work, up from 201 million now, according to the ILO’s report, World Employment and Social Outlook – Trends 2015.

The employment situation has improved in the US and Japan, the report finds, but remains difficult in many advanced economies, particularly in the eurozone. The ILO has previously forecast a global unemployment rate of 5.9% this year and next, compared with 5.5% before the global financial crisis in 2007.

via The Guardian

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