Another severely affected group will be elderly people according to the OECD’s yearly Employment Outlook. These workers increasingly face financial pressure and are not able to access early retirement schemes. Worldwide low-skilled workers are said to struggle more and more to find work.

The picture varies within the Eurozone countries quite considerably though. The OECD estimates the overall jobless rate will climb to 12.3 per cent by late 2014, but views the situation quite favourably in Germany with a low rate below 5 per cent, whereas Greece and Spain will suffer at around 28 per cent unemployment rate. France is estimated to have around 11 per cent of its work force unemployed by the end of 2014, and Italy 12.5 per cent.

Outside of the Eurozone the UK is reporting the fastest pace for job placements in 2 years, with permanent and temporary placements growing sharply. Job vacancies were at their highest level for three years in July.

Sources: BBC; Economic Times