Global unemployment to hold steady at 5%, ILO says

The International Labour Organization (ILO) has said global unemployment remained steady last year at an historical low of 5%, where it is set to stay in 2025. However, the ILO said job creation would be limited by a global economic slowdown from 3.3% to around 3.2% last year, and a gradual medium-term deceleration. “The global economy continues to expand at a moderate rate, but it is projected to gradually lose steam, preventing a stronger and more durable labor market recovery,” the ILO’s flagship report on global employment and social trends said. Meanwhile, ILO Director-General Gilbert Houngbo urged bold action to help address barriers to a thriving labor market. “The world must embrace new approaches to social justice that generate decent work,” Houngbo wrote in the report’s preface.