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Worldwide, the number of unemployed people rose by 5 million in 2013 to 202 million, according to the International Labor Organization’s Global Employment Trends report. The global unemployment ratio of youth to adults has reached a new high. The jobless rate for 15- to 24-year-olds hit 13.1 percent in 2013 (or 74.5 million), nearly three times the adult rate.
The organization predicts unemployment will worsen, with 215 million jobless by 2018. Roughly 40 million net jobs will be added each year, the ILO estimates, but that won’t be enough to absorb the 42.6 million people expected to enter the labor force each year.
East and South Asia contributed the most (45 percent) to the rise in the number of the globally unemployed. On the other side of the world, Latin America, by contrast, contributed only 1 percent to the increase in the unemployed, fewer than 50,000 additional jobless people.
The report takes note of a trend we’ve long explored in U.S. unemployment — the duration of unemployment is lengthening and the number of long-term unemployed is growing. In response, labor market participation has slipped as discouraged workers cease looking for jobs.
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