Employment Data, Jobs Report

EconomyWatch
Last Updated:

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.


Employment data reflects the total number of people employed by public and private sector companies. Studies on this data are conducted by authorized bodies who produce jobs reports, to analyze how many people are employed or unemployed. This can help to predict consumer spending habits. Thus, employment data is one of the key economic indicators for any country.

The Importance of Employment Data

Employment data can help in:

  • Identifying the contribution of various sectors in providing employment. According to the Global Employment Trends Report 2009, published by the International Labor Organization (ILO), the service sector accounted for 43.3% of total world employment, the agriculture sector accounted for 33.5% of jobs, and manufacturing companies employed the remaining 23.2% of the world’s working population. The identification of trends in the job market is critical for governments, as this helps them re-access and re-formulate their economic, employment and trade policies.

    •  

    • Identifying the contribution of each section of the society to the job market. For example, a 2008 ILO study indicated that out of the 190 million unemployed people across the world, 81 million were women. By calculating the percentage of children employed, governments and NGOs can estimate the efforts required to eradicate child labor.

    • Reflecting the unemployment rate across the world. According to the Global Employment Trends Report 2009, the youth unemployment rate rose by 0.4% in 2008 and reached 76 million.

    • Identifying job market trends across the world. For instance, the labor markets in South Asia and the Sub-Saharan Africa regions are extremely tough. Four fifths of the people employed in these regions were identified as ‘working poor’ by the ILO in 2007. The work trends in East Asia and Southeast Asia are also poor. William M Mercer Companies, a global human resource consultancy, conducted a survey of global living standards. The survey assisted multinational corporations in reviewing the comparative living standards for their expatriate employees.

    • Establishing a relationship between productivity and employment. In an ILO World Employment Report for 2004-2005, India was cited as a good example of how improvement in productivity can lead to higher job opportunities for people.

    Sources of Employment Data

    On an international level, the International Labor Organization (ILO) releases job reports for nations across the world. The ILO not only aims at providing an insight into the employment rate, but to also encourage employment opportunities and safeguard workers’ rights.

    Certain government bodies can also conduct surveys and release employment data for their countries. For instance, the Bureau of Labor Statistics (BLS) is responsible for collecting and integrating information regarding employment rates and working conditions of people in the US.

    Employment data also helps the government to formulate better policies that promote education and opportunities.

     

    About EconomyWatch PRO INVESTOR

    The core Content Team our economy, industry, investing and personal finance reference articles.