Global employment growth to fall 'significantly' in Q4, says ILO

Says the recovery seen in early 2022 has already gone into reverse in the second and third quarters

Global employment growth will “deteriorate significantly” this quarter, hit by the economic turmoil caused by the Ukraine war and by the impact of tighter monetary policy on consumption, the International Labour Organization (ILO) said on Monday.

There are already signs that a recovery in global hours worked that was seen in early 2022 went into reverse in the second and third quarters, the UN body said.

Overall, there were 40 million fewer full-time jobs between July-September than in the fourth quarter of 2019, which is used as the benchmark level before the Covid pandemic, it added.

“On current trends, global employment growth will