Global Unemployment Number Continues To Soar In 2013

The report said "Weakened by faltering aggregate demand, the labour market has been further hit by fiscal austerity programmes in a number of countries, which often involved direct cutbacks in employment and wages," as reported by AFP.

Young people have been particularly affected by the expanding jobless trend. The UN agency said that there are some 73.8 million youths globally, aged 15 to 24 who are without work presently. The report also cautioned saying "And the slowdown in economic activity is likely to push another half million into unemployment by 2014," as reported by AFP.

As per ILO, in 2012 the global youth unemployment rate was 12.6 percent, and it is expected to rise to 12.9 percent by 2017. It was also noted that 39 million people dropped out of the labour market in total, last year as job prospects became bleak.

The report revealed that at present, around 35 percent of all young people on unemployment benefits in advanced economies have been out of work for six months or longer, up from just 28.5 percent in 2007.

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