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The Outlook for Jobs

The International Labour Organization just released the “World of Work 2013“.  Their findings do not portray exuberance:

  • Based on current trends, employment rates across emerging and developing economies will return to pre-crisis levels in 2015; while employment rates in advanced economies will only return to the precrisis situation after 2017
  • the number of unemployed people will continue to increase unless policies change course. Global unemployment is expected to approach 208 million in 2015, compared with slightly over 200 million at the time of publication
  • over the past 5 years, the incidence of long-term unemployment (the share of unemployed persons out of work for 12 months or more) has increased in 60 per cent of the advanced and developing economies for which data exist
  • many workers have become discouraged and are no longer actively looking for a job. Labour force participation rates decreased between 2007 and 2012 in more than half of the countries analysed

Large declines in employment are shown in Greece, Spain and Portugal:


More importantly the social unrest indicator has jumped in European countries:

I guess for now, everyone who works in a cubical prison should be happy

This photo was titled "Overcrowding in American Prisons" on Reddit

Posted in Economics.

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