Benchmark
The World Is Missing Out on $1.2 Trillion in Wages
Some 61 million fewer people were employed in 2014 than there would have been had pre-crisis employment growth trends continued
Job seekers wait in line to enter the Choice Career Fair in San Antonio, Texas, U.S.
Photographer: Matthew Busch/BloombergThis article is for subscribers only.
The global financial crisis of 2008-10 had a big impact on jobs. Employment growth has stalled at a rate of about 1.4 percent per year since 2011. While this compares favorably with the crisis period when that rate averaged 0.9 percent, it is below the 1.7 percent annual rate between 2000 and 2007, according to the International Labour Organization.
The slower employment growth since 2011 compared with before 2008 means there are 61 million fewer jobs in 2014 than there would have been had the pre-crisis growth trends been maintained, the ILO said.