Overall, there were 40 million fewer full-time jobs between July-September than in the fourth quarter of 2019, which is used as the benchmark level before the COVID pandemic, it added. "On current trends, global employment growth will deteriorate significantly in the fourth quarter of 2022," the ILO said in its report on the World of Work. The report also said that excessive policy tightening could cause "undue damage to jobs and incomes in both advanced and developing countries". The ILO warned of declining job vacancies ahead and rising unemployment in the final months of the year. There are already signs that the labour market has cooled considerably in advanced economies, with sharp declines in vacancy growth, it said.

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