The UN agency forecasts millions more people will join the ranks of the unemployed as companies choose to increase payouts to shareholders rather than invest their burgeoning profits in new workers.
The ILO’s Global Employment Trends report forecasts that world unemployment will rise to 6.1% this year from 6% in 2013 and will remain well above its pre-crisis rate of 5.5% for several years.
It puts the youth unemployment rate at 13.1%, more than double that for the whole workforce and almost three times the adult rate of 4.6% – a record for the ratio of youth to adult unemployment.
My opinion: I along with everyone else (I’m sure) want unemployment numbers to start waning.; however, slow hiring from businesses doesn’t necessarily reflect terrible greed. Sure, I agree that short-term it would be better for businesses to begin hiring more, but cautious growth will (more likely) ensure a safer recovery. I believe that young people around the world will find themselves having a tougher time in the short-run but in the long-run this will (hopefully) mean a more stable and productive economy. Something our adult selves will value immensely.