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Global jobs growth will ‘deteriorate significantly’ this quarter – ILO

The report also said that excessive policy tightening could cause "undue damage to jobs and incomes in both advanced and developing countries". The ILO predicted that job vacancies would fall and unemployment would rise in the final months of the year. According to the report, there are already signs that the labour market in advanced economies has cooled significantly, with sharp declines in vacancy growth

Source | | ET Online

The International Labour Organization (ILO) said on Monday that global jobs growth will “deteriorate significantly” this season, owing to the financial chaos caused by the Ukraine war and the impact of monetary tightening policy on usage.

According to the United Nations, there are currently indications that the recovery in global hours worked seen in early 2022 has reversed in the second and third quarters.

All in all, there were 40 million low – income full-time employment between July and September than in the fourth quarter of 2019, which is used as a baseline level prior to the COVID pandemic, according to the report.

“On current trends, global employment growth will deteriorate significantly in the fourth quarter of 2022,” the ILO said in its report on the World of Work.

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