Global youth unemployment rate has stabilized
This is according to the ILO's Global Employment Trends for Youth 2015 report.
The report highlights a drop in the number of unemployed youth to 73.3 million in 2014. That is 3.3 million less than the crisis peak of 76.6 million in 2009.
Because of a shrinking youth labor force, the youth unemployment rate remains stubbornly high despite a decline in the number of unemployed youth. According to the report's projections, the rate is expected to creep up to 13.1 percent in 2015.
"It is encouraging to see an improvement in the youth employment trends," says Sara Elder, the report's lead author.
"But we shouldn't lose sight of the fact that recovery is not universal and that almost 43 percent of the global youth labor force is still either unemployed or working yet living in poverty. It's still not easy to be young and starting out in today's labor market," she noted.
The report says that millions of young people in low-income countries continue to leave school to take up jobs when they are too young.
According to the report, 31 percent of youth in low-income countries have no educational qualifications at all, compared to 6 percent in lower middle-income countries and 2 percent in upper middle-income countries. ■