{
  "title": "IMF Survey: IMF Develops New Template for Labor Market Analysis",
  "publication": "IMF News, September 24, 2012",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/28/04/53/sores092412a",
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  "summary": "Unprecedented high and persistent unemployment across the globe has called for strengthened analysis of labor markets in the context of macroeconomic surveillance. To support this effort, the IMF has developed a template that allows country teams to analyze and project key labor market indicators.",
  "publishDate": "2012-09-24",
  "sections": [
    {
      "heading": "Context and urgency",
      "content": "- Publication: IMF Survey, September 24, 2012.\n- Motivation: Unprecedented high and persistent unemployment globally has called for strengthened analysis of labor markets within macroeconomic surveillance.\n- Global labor market statistics cited:\n  - \"Total world unemployment is expected to reach 202 million in 2012, up from 196 million in 2011.\"\n  - \"Youth unemployment is forecast to reach 75 million this year.\""
    },
    {
      "heading": "New template — purpose and scope",
      "content": "- Purpose:\n  - Provides country teams with a user-friendly and flexible framework to analyze and project key labor market indicators.\n  - Translates growth forecasts into unemployment forecasts to better structure discussions with authorities.\n- Scope:\n  - Flexible and customizable to country data and macro-assumptions.\n  - Designed to be applied across countries and regions, with particular motivation from persistently high unemployment in the Middle East and North Africa (MENA)."
    },
    {
      "heading": "Methodology and analytical features",
      "content": "- Estimation approaches:\n  - Draws on econometric analysis of the relationship between unemployment and growth to produce employment-growth elasticities.\n  - Estimation methodologies include both panel data and individual time-series approaches.\n  - Allows users to obtain estimates applicable to a group of benchmark countries or country-specific elasticities.\n- Scenario analysis and outputs:\n  - Produces and completes a table of labor market outcomes under various scenarios.\n  - Includes a scenario that computes the average growth needed to reach an unemployment rate target.\n  - Includes a scenario that gives the required growth path for absorbing future entrants into the labor market.\n  - Produces charts such as:\n    - A fan chart plotting different projections for employment growth.\n    - A chart showing four possible unemployment rate paths over the projection period using different parameters.\n- User inputs:\n  - Requires user-provided inputs to generate scenario tables and charts."
    },
    {
      "heading": "Use in IMF work and engagement",
      "content": "- Adoption:\n  - The template has been used by numerous country teams in their bilateral surveillance work.\n  - Offers the first standardized, forward-looking tool for assessing labor market developments within IMF surveillance.\n- Practical benefits:\n  - Enables more effective engagement with authorities by translating macro forecasts into labor market outcomes."
    },
    {
      "heading": "Ongoing development and refinements",
      "content": "- Areas of continued refinement and user feedback include:\n  - How to deal with missing data.\n  - Enhanced estimation techniques.\n  - Differentiation of short- versus long-term links between growth and employment.\n- Personnel note:\n  - IMF Deputy Managing Director Min Zhu and Research Department Advisor Prakash Loungani were present at the launch of the labor market template.\n\nIMF Survey: IMF Develops New Template for Labor Market Analysis, September 24, 2012.\n\n---\n\n\n References\n\n- https://www.imf.org/en/News/country-focus\n- PRESS CENTER\n- IMF Research\n- Jobs and growth webpage\n- Research at the IMF\n- Blog: Jobs and growth\n- Blog: Tackling jobs crisis\n- Youth in the balance\n- Scarred generation\n- Get the template\n- youth unemployment\n- Middle East and North Africa\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/28/04/53/sores092412a"
    }
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    "[Markdown version](/en/news/articles/2015/09/28/04/53/sores092412a/index.md)",
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    "Published: September 24, 2012",
    "Publication: IMF Survey, September 24, 2012.",
    "Motivation: Unprecedented high and persistent unemployment globally has called for strengthened analysis of labor markets within macroeconomic surveillance.",
    "Global labor market statistics cited:",
    "Purpose:",
    "Scope:",
    "Estimation approaches:",
    "Scenario analysis and outputs:",
    "User inputs:",
    "Adoption:",
    "Practical benefits:",
    "Areas of continued refinement and user feedback include:",
    "Personnel note:",
    "[https://www.imf.org/en/News/country-focus](https://www.imf.org/en/News/country-focus)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[IMF Research](https://www.imf.org/en/news/search)",
    "[Jobs and growth webpage](https://www.imf.org/external/np/res/jobs/index.htm)",
    "[Research at the IMF](https://www.imf.org/external/research/index.aspx)",
    "[Blog: Jobs and growth](http://blog-imfdirect.imf.org/2012/04/30/jobs-and-growth-cant-have-one-without-the-other/)",
    "[Blog: Tackling jobs crisis](http://blog-imfdirect.imf.org/2012/07/23/tackling-the-job-crisis-whats-to-be-done/)",
    "[Youth in the balance](https://www.imf.org/external/pubs/ft/fandd/2012/03/bloom.htm)",
    "[Scarred generation](https://www.imf.org/external/pubs/ft/fandd/2012/03/morsy.htm)",
    "[Get the template](https://www.imf.org/external/pubs/ft/tnm/2012/data/tnm1201.zip)",
    "[youth unemployment](https://www.imf.org/external/pubs/ft/fandd/2012/03/index.htm)",
    "[Middle East and North Africa](http://blog-imfdirect.imf.org/2012/05/18/why-the-arab-world-needs-an-economic-spring/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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