Global unemployment grew by another 4 million people over the course of last year amid weaker economic activity and lingering uncertainty about hiring, the International Labour Organization said in its annual study of global employment trends.
Its report highlights a number of shifts in the world of work. Labour participation rates are ebbing as more workers get discouraged. The mismatch between people without jobs and jobs without people is getting more acute. And youth are once again hardest hit.
“In the fifth year after the outbreak of the global financial crisis, global growth has decelerated and unemployment has started to increase again,” the Geneva-based United Nations agency said in its 239-page analysis.
Labour market mismatches are getting worse. “The length and depth of the labour market crisis is worsening labour market mismatch, contributing to extended spells of unemployment.”
Jobs in exporting industries are “particularly vulnerable” as trade weakened in some parts of the world. As a result, “new jobs that become available often require competences that the unemployed do not possess.”
These skills mismatches will make the labour market more slow to respond if economic activity does ramp up unless there are more policies to promote skills training, it cautioned.
All told, unemployment has swelled by 28 million people since the start of the financial crisis, with half of that increase in advanced economies. And the slowdown in those economies is causing “significant spillovers” into the labour markets of developing economies too.
Read more: World jobs growth slowing, youths suffering the most: report - The Globe and Mail
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