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UN Agency Warns of “Alarming” Global Job Picture
The Geneva, Switzerland-based International Labor Organization cautions that the global employment situation is "alarming" and isn't likely to improve soon.
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The Geneva, Switzerland-based International Labor Organization cautions that the global employment situation is "alarming" and isn't likely to improve soon.
The United Nations labor agency notes that slow job creation has become a drag on the world's economic recovery.
The ILO blames the narrow focus of many eurozone countries on fiscal austerity for "deepening the jobs crisis." It says the policy could even cause another recession in Europe, where Spain and the U.K. have already reported contracting economies. The region's job market will remain weak through 2016, unless governments shift to a strategy of growth and employment, the agency warns.
The ILO says job gains in China are slowing, and unemployment in Africa and the Middle East remains "acute."
The group says the sluggish global economy won't be able to create enough jobs for workers currently unemployed and the 80 million people expected to enter the labor market in the next couple of years.
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