The Global Jobs Crisis Continues

Release time:2013-02-28      Source:admin      Reads:

Global unemployment remains very high, particularly among developed economies, with the situation in Europe being the most challenging. High unemployment means that there will be a great many vacant positions, especially garment industry, such as factories running fabric labels, excessively relies on labor force. The unemployment rate continued to climb, reaching a record high of nearly 12 per cent in the euro area during 2012, an increase of more than one percentage point from one year ago. Conditions are worse in Greece and Spain where more than a quarter of the working population is without a job. Only a few economies in the region, such as Austria, Germany, Luxembourg and the Netherlands, register low unemployment rates of about 5 percent. Unemployment rates in Central and Eastern Europe edged up slightly in 2012, partly resulting from fiscal austerity. Japan’s unemployment rate retreated to below 5 per cent. In the United States, the unemployment rate stayed above 8 per cent for the most part of 2012, but dropped to just below that level from September onwards.

At the same time, long-term unemployment (over one year) in developed economies stood at more than 35 percent by July 2012, about 17 million workers for fabric labels, clothes, etc, getting involved. Such a prolonged duration of unemployment tends to have significant, long-lasting detrimental impacts on both the individuals who have lost their jobs and on the economy as a whole.

Only backed by sufficient labor force can garment and textile industry grow as usual and contribute to global economy. Because abundant workers are in desperate need of being involved in operating labor-intensive products, particularly fabric labels. In the outlook, greater and more sustainable job creation should be a key policy priority in developed economies. If economic growth stays as anaemic in developed countries as projected in the baseline forecast, employment rates will not return to precrisis levels until far beyond 2016.

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