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40 million jobs needed

Video

More than 40 million people are unemployed in developed economies alone. In this video, McKinsey partners Byron Auguste, James Manyika, and Katrin Suder discuss the underlying causes of the jobs crisis and some of the ways business and government can cooperate to create the millions of jobs that are needed.

Addressing supply and demand

Our emerging perspective is that the jobs crisis in the developed world is not a product of recession alone, and will not be solved simply by restoring economic growth. Growth is necessary and desirable. But in many countries, the historical link between growth and job creation was weakening before the current downturn began.

Moreover, high job vacancy rates in some regions and industries suggest that labor markets are also failing to match supply and demand for skilled workers. While the causes of unemployment vary from country to country, any holistic approach to creating jobs and economic opportunity must address both the demand and the supply side of the jobs equation.

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