The war raging in Ukraine and other overlapping crises are taking a toll on labor markets worldwide, the UN said Monday, suggesting a "sharp" slowdown was already underway

TL;DR

"While it normally takes time for an economic slowdown or a recession to result in job destruction and unemployment, available data suggests that a sharp labour market slowdown is already underway," the report said.ILO said this uptick was especially apparent in high-skilled occupations -- but cautioned that it was also driven by a surge in informal jobs, where social protections are generally lacking.As the number of jobs available is shrinking, surging inflation is causing real wages to fall in many countries, as many households are still grappling with pandemic-induced income declines, it said.That means 2.4 million jobs lost since the start of the war -- half the number predicted by ILO in April, when the number of areas in Ukraine under occupation or facing active hostilities was higher."Preventing a significant global labour market downturn, will require comprehensive, integrated and balanced policies both nationally and globally.""

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