Patrick Allen
CNBC
Global youth unemployment has hit a record high following the financial crisis and is likely to get worse later this year, the International Labor Organization (ILO) said Thursday.
The report from the ILO says 81 million out of 630 million 15-24 year olds where unemployed at the end of 2009, some 7.8 million more than at the end of 2007.
Thursday marks the first day of the UN International Youth Year; the ILO warned these trends will have “significant consequences for young people as upcoming cohorts of new entrants join the ranks of the already unemployed.”
The world risks a crisis legacy of a “lost generation” of young people who dropped out of the job market, the organization added in its report.
The report also points out that the unemployment rates of youth have proven to be more sensitive to the crisis than the rates of adults and that the recovery of the job market for young men and women is likely to lag behind that of adults.
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