But when there is uncertainty about whether a recovery will be quick, slow of occur at all, unemployment can be a leading indicator of a prolonged slump.

People who have lost their jobs don't have the spending capacity they did while employed. Those still in jobs rein in their spending and increase their savings in case they are next.

Even growing optimism of a China-led recovery could, somewhat ironically, worsen the position of Asian workers.

The fall in commodity prices since last year had reduced business costs and improved profit margins for Asian firms, limiting the need to cut jobs, said Frederic Neumann, an economist with HSBC in Hong Kong. But that is changing.

"The recent rise in oil prices raises the risk that firms in Asia face greater pressure to lay off workers," Neumann said, noting profit margins would be squeezed as raw materials prices rise just as manufactured goods are under pressure to fall.

"In fact, China's growing demand for commodities may push up raw material prices globally and therefore undermine prospects for a global recovery, especially in developed markets," he said.