Unemployment is an economic condition under which individuals seeking employment remain un-hired. Though, recognised as a universal economic event, the degree of employment or unemployment, as the case may be, varies from time to time within a given country and also in the same framework of time, globally.
It is believed that continuing decline in commodities prices and relatively slower- than-expected economic growth in most emerging economies, will have a dampening impact on Employment Scenario. The International Labor Organization [ILO] has revealed, in its latest report, that unemployment could reach a new high in the current calendar year.
This year, ILO expects the number of unemployed to touch a staggering 200 million, an increase of around 2.5 million. The report attributes this dampening scenario, primarily to the slowdown of economic growth in the emerging economies. The cascading impact of rising unemployment in hitherto growing economies like China, Brazil and OPEC members has resulted in the migration of labour from the organised segment to the odd-jobs segments
The report further cautions the developed countries from being complacent, in that, notwithstanding the declining trends in unemployment in the USA and EU, the number of unemployed, in absolute terms, is unduly worrisome. This calls for immediate action from Governments to be more focussed on job-creation so as to avoid social unrest.
Though Germany has not witnessed any adverse impact on employment despite the not –so- favourable economic scenario in the EU, the fact remains that in Germany, many of its citizens are employed on part time basis. Only 4.6% of the employable population is unemployed in Germany, the lowest ever recorded since the unification of the Germanys. But we could see a change in this scenario if one factors into the deliberations, the influx of the refugees by thousands.
Historically, women bore the brunt of increase in unemployment as compared to their male counterparts. However, this scenario changed over the years and has now, more or less, stabilized. The prevailing global economic downturn has witnessed the unemployment rate for men becoming higher than that for women in most parts of the world.
Compounding this is the fact that while unemployment among the millennial [most often defined as 18-to-28 year olds] has traditionally been in the vicinity of twice that of adults now it reported the it is around three times that of the adults. A redeeming feature is that in the USA the millennial have been changing jobs more frequently than in earlier years. Perhaps, an indicator of the shape of things to come.
Visit Presidency University Blog for more useful information.
