Unemployment around the world fell last year to 5.0 percent – from 5.1 percent in 2017 – for the first time dropping to the level seen before the global financial crisis hit in 2008, the International Labour Organization said. The UN agency said it expected the jobless rate to remain at roughly the same level this year and in 2020, although the number of unemployed people should swell by two million to a total of 174 million next year as a result of the expanding labour force.
The report highlighted the hundreds of millions of people who remain poor despite holding one or more jobs.
In fact, it found that a majority of the 3.3 billion people employed around the globe last year suffered a “lack of material well-being, economic security, equal opportunities or scope for human development.”
“Being in employment does not always guarantee a decent living,” ILO research director Damian Grimshaw said in a statement, pointing out that “a full 700 million people are living in extreme or moderate poverty despite having employment.”
The report found that a full 61 percent of all workers worldwide, or two billion people, are in so-called informal employment, with little to no social and contractual protections.
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