A new report from the International Labor Organization (ILO), a United Nations (UN) affiliated agency that tracks employment statistics, has shed new light on the deteriorating jobs crisis currently roiling developed nations around the world. Economies such as the United States, Japan and the European Union (EU) started cutting positions at a faster pace in 2012, the study showed, resulting in the first uptick in global unemployment figures in two years.
The 4.2 million-person increase could occur at a faster rate in 2013, the organization stated in a press release. Additionally, the UN reported that 43 million people left the workforce in their respective nations and the amount of individuals who have waited more than a year to find a job has also risen.
“We see that unemployment is set to rise again. Our projection would be for 5.1 million more in 2013 and still a further 3 million in 2014. So the trends are very much in the wrong direction,” Guy Ryder, General-Director of the ILO, said in a statement.
Another concerning development, the agency noted, is the fact that youth unemployment levels – figures for those between the ages of 18 and 25 – have skyrocketed in recent years, and reached 74 million people in 2012.
The ILO included in its report a series of recommendations to alleviate the situation. The set of proposals includes commitments to invest in job-creating initiatives, boost fiscal stimulus cooperation between developed nations and target funds toward programs that boost work for young adults.
High levels of unemployment can have an adverse effect on an economy, and as such investors in both the United States and abroad should protect their finances accordingly. Whether its looking into hard assets for wealth preservation or relying on cash flow real estate as a source of monthly income, effective investment plans are a quality resource for independent investors. Those interested in learning more should visit GreatWealthStrategies.com today and download a “Free Game Plan Report.”