It’s not over yet

It’s not over yet

November 1, 2011 
James Thornhill

We are nowhere near over the jobs slump according to the International Labour Organisation (ILO). With them that we won’t see the jobs market returning to its pre-recession levels until 2016.

Raymond Torres, director of the ILO International Institute for Labour Studies, laid the situation bare. “We have reached the moment of truth. We have a brief window of opportunity to avoid a major double-dip in employment.”

The organisation’s World of Work report claimed that another slowdown in employment has already started in two-thirds of advanced economies (that includes Britain) and a time when young people are joining the labour market in vast numbers.

It says, in the current climate, we are only likely to create half the jobs needed to solve the unemployment problem.

The increasing unrest regarding the situation was also mentioned, highlighting that there is increasing social unrest due to the perception that it is disproportionately low and middle-income families dealing with the problems caused.

Recovery is being stalled further as people spend less, because of fears about rising costs and lower job security.

The ILO said that to break out of this slump countries needs to focus on jobs as the key driving force instead of "appeasing financial markets".

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