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International Jobs Report : Update November 2016

Prakash Loungani | November 09, 2016

The global unemployment rate inched up to 5.7 percent this year after several years of decline. This reflects sharp increases in unemployment in the Latin America and Caribbean region and among fuel-exporting countries. Hence, while the total number of people unemployed around the globe will remain somewhat stable at about 175 million, several million people will be added to the ranks of the unemployed in these two groups of countries. Unemployment rates are expected to decline in most advanced economies, but remain well above historical averages in a few countries such as Greece, Cyprus, Portugal and Spain.