Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Global unemployment to slightly fall in 2024, UN labour body says

Global unemployment to slightly fall in 2024, UN labour body says

By Matteo Allievi

(Reuters) -The global unemployment rate is expected to fall slightly to 4.9% this year from 5.0% in 2023, even as inequalities in labour markets persist, the International Labour Organization (ILO) said on Wednesday.

The ILO, a United Nations agency, in January estimated unemployment to edge up to 5.2% due to an expected rise in joblessness in advanced economies.

The revision is mainly due to lower-than-expected unemployment rates in China, India, and high-income countries reported so far this year, the agency said.

“China’s growth wasn’t quite as poor as had been anticipated late last year as the Chinese authorities have once again managed to keep the ball rolling a little longer there,” said Richard de Chazal, macro analyst at investment banking group William Blair.

The downward trend for joblessness is expected to flatten in 2025, with unemployment remaining at 4.9%, the report said.

Global economic growth has been slightly more robust than expected in the first months of 2024, particularly in the United States, while inflation has been decreasing, giving a breather to household incomes.

“The lagged effects of higher interest rates have been a slower burn, in large part because both the corporate sector and the household sector locked in lower rates and have been much less sensitive to Federal Reserve’s tightening this time”, de Chazal added.

The International Monetary Fund in April raised its 2024 forecasts for global growth to 3.2% from the 3.1% estimated in January, largely due to an improvement in the U.S. outlook.

“This stabilisation in the macroeconomic environment is translating into a relatively stable labour market outlook,” the ILO said.

But in the medium term the situation remains uncertain due to the monetary and fiscal policy adjustments expected globally with restrictive macroeconomic policies having a delayed effect on the labour market, it added.

Despite the improving outlook, the Geneva-based organisation highlighted a “persistent” lack of employment opportunities.

It estimates that the jobs gap, which measures the number of persons without a job but wanting to work, will stand at 402 million people in 2024, up from 399 million last year.

The report showed that the labour market remains an “uneven playing field” especially for women, said the ILO Director-General, Gilbert F. Houngbo, as their jobs gap in low-income countries reached 22.8% compared to 15.3% for men.

In the high-income countries, the rate is 9.7% for women and 7.3% for men.

(Reporting by Matteo Allievi; Editing by Andrea Ricci and Jane Merriman)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts