A total of 197 million people were without jobs in 2012, with youth being particularly hard hit, and those unemployment figures will increase again this year, according to an International Labor Organization report released Monday. The bulk of the 4 million newly unemployed in 2012 came from developing economies in East Asia, South Asia and Sub-Saharan Africa, according to the Global Employment Trends 2013 report.
The International Labor Organization, which is a United Nations agency responsible for overseeing international labor standards, made bleak projections of another increase in unemployment worldwide by 5.1 million in 2013 -- which would push the total to 202 million. In 2012, 73.8 million young people were unemployed globally.
"Many young people now experience long-term unemployment right from the start of their labor market entry," said Guy Ryder, ILO Director-General, during a presentation of the report's findings. "When this occurs early on in a person's career, it can do significant damage to their long-term employment prospects."
Although new jobs may open up, they may require different skills than those that match the unemployed workers, according to the report. "Governments should step up efforts to support skills and retraining activities in order to address such mismatches which particularly affect young people," Ryder said. The report advised that the governments should step up efforts to retrain and support job skills to address the differences in work qualifications, with a focus on young people.
A dead in the water economy doesn't create jobs, but I don't care because Obama is awesome.