UN: Young jobless 'hiding' from labor market

The U.N. labor office says a dip in youth unemployment indicates that young people in the developed world are "hiding" from the jobs market by going back into education or staying at home with their parents.

The International Labor Organization says global unemployment among those aged 15 to 24 fell from 75.8 million in 2009 to 74.6 million this year.

But ILO says the drop masks a large number of young people who have effectively given up finding work because of the global economic downturn.

The Geneva-based agency said in a report released Wednesday that its conclusion was based on a finding that across 56 countries surveyed there were 2.6 million fewer young people in the labor market last year than expected.