Bad news on global employment and the Euro area

The global jobless total will rise to a record 202m this year, says the International Labour Organisation. In a report referred to below, the ILO said there were some 197m people without a job in 2012. While almost 40m people had dropped out of the jobs market altogether as job prospects proved unattainable. The jobless total will rise by 5.1m this year and another 3m next, it predicts.

Global Employment Trends 2013: Recovering from a second jobs dip

(Full report 239 pages - PDF 15.3 MB)

Five years after the outbreak of the global financial crisis, the Global Employment Trends 2013 offers the latest global and regional information and projections on several indicators of the labour market, including employment, unemployment, working poverty and vulnerable employment. It also presents policy considerations in light of the new challenges facing policy makers in the coming year.

Executive Summary (9 pages - PDF 339 KB)

We are in the thick of it, to quote the report: "Entering 2013, the crisis in the Euro area constitutes the single biggest risk to global employment trends for the year ahead. The financial crisis in the Euro area, brought on by a combination of banking sector distress and protracted financial and household deleveraging, coupled with high levels of sovereign debt and unsustainably high government bond yields in some countries, has emerged as a disruptive and destabilizing force not only in the Euro area itself, but also for the global economy as a whole."

For those of us in uncertain work, looking for work or without any real prospects of finding it, what does this really mean? The full report is rather long and detailed but have a look at the nine page summary at least.