HRO Today July/August 2017 - 42

HRO Today Research
A Closer Look
More economic growth is
projected, but how do global
unemployment rates fare now?
By The Editors
To explore international labor markets, companies must
fi rst consult global labor market data. PeopleScout,
a global provider of RPO, MSP, and total workforce
solutions, has partnered with HRO Today to produce
quarterly reports that compile current international labor
market fi gures, including measures such as national gross
domestic product (GDP) and unemployment rates over
time, from countries across the globe. This data reveals
critical information about the state of the talent pool,
working conditions, and recruitment needs of various
countries and regions. It is an essential tool for predicting
fruitful locations for expansion and recruitment, allowing
multinational companies to stay competitive in talent
acquisition.
In 2017, global economic growth is projected to accelerate
moderately by 2.7 percent. Growth in advanced
economies, such as those in North America, Western
Europe or Japan, is expected to increase by 1.8 percent
in 2017, according to the World Bank's January 2017
Global Economic Prospects report. Fiscal stimulus in major
economies-particularly in the U.S.-could generate faster
domestic and global growth than projected, although
rising trade protection under the Trump administration
could have adverse effects. There should be an increase in
emerging markets and developing economies, rising to 4.2
percent in 2017 from 3.4 percent in 2016.
North America
In the U.S., GDP grew a meager 0.7 percent in the fi rst
quarter of 2017. This tepid growth is largely attributable
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HRO TODAY MAGAZINE
| JULY/AUGUST 2017
to seasonal factors, reduced inventories, and hectic
consumer spending in the second half of 2016. In the
second quarter, private consumption is expected to
show more resilience, building on an upbeat consumer
sentiment and an outstandingly robust labor market fi nds
FocusEconomics' US Economic Outlook.
In March, the U.S. unemployment rate fell to 4.5 percent
from 4.8 percent in the fourth quarter of 2016. The
unemployment rate has remained below 5 percent since
January 2016, suggesting stability in the American job
market and conditions considered by many economists to
be " fully employed. "
The Canadian unemployment rate also fell slightly from
6.8 percent in the third quarter of 2016 to 6.7 percent in
March. This shows continued improvement from last year's
rate of 7.1 percent.
Asia Pacifi c (APAC)
Preliminary fi gures measuring the state of the economy
of the Association of Southeast Asian Nations (ASEAN),
which is comprised of 10 countries in Southeast Asia,
showed that activity was consistent at the start of 2017.
The economy expanded to 4.8 percent growth in the
fi rst quarter of 2017, exceeding the results of the fourth
quarter of 2016. While the overall fi gure illustrates
healthy growth in the region, performance was mixed
across the economies of various ASEAN members. In
Singapore, growth decreased from the two-year high at
the end of 2016 amid a pullback in industrial activity while
HRO Today July/August 2017

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