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Monday
Jan202014

Global Unemployment Reaches Nearly 202 Million in 2013

Ingram Publishing/Thinkstock(NEW YORK) -- Global unemployment reached nearly 202 million in 2013, according to a new report from the International Labor Organization. The number of unemployed people rose by 5 million from 2012 to 2013.

Global labor markets are still stalled despite slow economic recovery. The Global Employment Trends 2014 report details unemployment on the rise, particularly among younger demographics. Current trends suggest an additional 200 million jobs will be created by 2018, less than what is required to absorb the growing number of new people in the labor market.

ILO Director-General Guy Ryder said a re-evaluation of policy is needed.

"Stronger efforts are needed to accelerate employment creation and to support enterprises that create jobs," Ryder said.

839 million workers, or 26.7 percent of those employed worldwide, had to live on less than $2 a day. 375 million workers were estimated to live on less than $1.25 a day in 2013, highlighting the issue of working poverty.

Profits are being made in several sectors, according to the report, but they are channeled into asset markets instead of the real economy.

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