The outlook for global labour markets has worsened in recent months and current trends of job vacancies will decline and global employment growth will deteriorate significantly in the final quarter of 2022, according to the latest report of the International Labour Organisation (ILO).

Rising inflation is causing real wages to fall in many countries.

This comes on top of significant declines in income during the Covid-19 crisis, which in many countries affected low-income groups most, said the 10th edition of the "ILOs Monitor report on the world of work' revealed on Monday.

The report finds that worsening labour market conditions are affecting both employment creation and the quality of jobs, pointing out that "there are already data suggesting a sharp labour market slowdown."

Labour market inequalities are likely to increase, contributing to a continued divergence between developed and developing economies, the report also said.