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ILO says global youth unemployment may be here to stay

Veronica C. | May 23, 2012

While there’s certainly no shortage of adult job seekers struggling to regain lost jobs or begin new career paths, it seems that unemployment among young people from around the world may remain significantly low for years to come. These findings come from a recent study titled Global Employment Trends for Youth 2012 released on Tuesday by the International Labor Organization, according to CNBC.com.

The report states that there are currently almost 75 million out of work young people around the world. Additionally, the unemployment rate for youths between age 15 and 24 is expected to increase from 12.6 percent in 2011 to 12.7 percent in 2012, and the ILO expects that number to hold steady until 2016, reports Bloomberg.

“The austerity measures currently implemented in a wide range of developed economies bode ill for a quick recovery of youth labor markets,” the ILO stated in its report. “Macroeconomic and fiscal policies should include or enhance measures that support employment generation, bring about a sustained job recovery and finance the necessary investments in youth employment promotion.”

In addition to these findings, the ILO also noted that since the youth job market began to suffer in 2007, there has been an increase of more than 4 million unemployed young people around the world.

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Category: Employers

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