Continuous Recovery of Global Labor Market
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The unemployment rate in the UK dropped to 3.9% during the last quarter of 2021, which was lower than the annual rate of 4.4% in 2021
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Similarly, the unemployment rate in the US was 4% in January 2022, which was lower than the annual rate of 5.4% in the previous year
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Continuous recovery of the labor market globally could be attributed to the decline in COVID-19 cases, reopening of the economy, and strong recovery of the jobs market
Continuous Recovery of Global Labor Market
Labor Market of the UK: On March 15, 2022, the Office for National Statistics (ONS) released data on the UK's unemployment rate from November 2021 to January 2022. According to official figures, despite the Omicron wave of coronavirus, the unemployment rate in the country fell below the pre-pandemic level in the three months ending January 2022. The unemployment rate dropped to 3.9% during the quarter ending January 2022, lower than the annual unemployment rate of 4.4% in 2021, while average weekly earnings increased 4.8% annually. By 2021, the service and construction sectors experienced quarterly growth in employment . However, the manufacturing and other sectors saw a decline.
Labor Market of the US: According to data released by the US Bureau of Labor Statistics on March 15, 2022, the national unemployment rate was 4% in January 2022, lower than the annual unemployment rate of 5.4% in the previous year. In comparison to a year ago, the unemployment rate fell in 49 states, while the unemployment rate in the District of Columbia remained steady. According to the US Department of Labor, unemployment claims declined since March 2021, which could be a result of employment recovery after the COVID-19 pandemic.
Labor Market of OECD countries: According to the OECD unemployment report of March 2022, the OECD area's monthly unemployment rate remained steady at 5.3% in January 2022. The unemployment rate was at the same level as in February 2020 just before the pandemic. It was also the lowest level since the start of 2001. Japan's unemployment rate was 2.8% in January 2022, the same as in the previous year. However, fears of an upsurge in COVID infections led to a minor uptick in the unemployment rate compared to the previous month. The French unemployment rate declined to 7% during this period, a 0.2 percentage point decline since the previous month. Canada's unemployment rate rose to 6.5%, up 0.5 percentage points from the previous month, but well below the annual unemployment rate of 7.5% in 2021.
Rocky Road Ahead for Labor Market
The continuous recovery of the global labor market could be attributed to the decline in COVID-19 cases, the reopening of the economy, and the recovery of the jobs market such as the service industry, which includes hotels, restaurants, and travel. However, growing inflation and geopolitical tensions between Russia and Ukraine are causes for concern, as they could increase the cost of living around the world, jeopardizing the recovery of the labor market.
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