The outlook for global labour markets has worsened in recent months and on current trends job vacancies will decline and global employment growth will deteriorate significantly in the final quarter of 2022, according to this new ILO report. Rising inflation is causing real wages to fall in many countries. This comes on top of significant declines in income during the COVID-19 crisis, which in many countries affected low-income groups most. The ILO Monitor on the World of Work , finds that worsening labour market conditions are affecting both employment creation and the quality of jobs, pointing out that “there are already data suggesting a sharp labour market slowdown.” Labour market inequalities are likely to increase, contributing to a continued divergence between developed and developing economies.
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