By Tyler Falk | May 8, 2013, 2:01 PM PDT
The job market for young workers around the world is bad and it could be this way for years to come.
That’s the word from the UN International Labour Organization today in a new report. The jobless rate for youth between 15 and 24 is estimated at 12.6 percent for 2013, meaning about 73 million young people are out of work.
With a weaker global economic recovery this year and last, youth are struggling to find work. The job search is so prolonged that many are giving up on their search for steady work.
“Increasing numbers of youth are now turning to available part?time jobs or find themselves stuck in temporary employment. Secure jobs, which were once the norm for previous generations – at least in the advanced economies – have become less easily accessible for today’s youth,” the report said.
In the developing world — where 90 percent of the world’s youth live — that means much of the work is done in the informal economy. In countries like Cambodia and Peru 80 percent of youth employment is in the informal economy and two-thirds of working youth are poorly compensated.
It’s relatively better in the developed world, but youth employment is hurting there too. In developed economies and the European Union the youth unemployment rate is not expected to drop below 17 percent before 2016. It’s currently near 25 percent.
Here’s how the youth unemployment has looked, regionally, since 2007:
Sara Elder, co-author of the report, explains the cyclical natural of youth unemployment in a statement: “The fewer young people in decent and productive work, the less economic growth there is; the less employment growth there is, the fewer the opportunities to get youth into productive work.”