Global labour figures point to rising tide of joblessness

New figures released by the International Labour Office (ILO) and the Organisation of Economic Co-operation and Development (OECD) underscore the scale of joblessness throughout the G20 countries and the limited impact of various government stimulus measures.

The global economic crisis has thrown tens of millions of workers—especially those in the youngest and oldest cohorts—into permanent unemployment, the reports indicate...

According to ILO estimates, if governments in the 20 largest economies had not increased their spending in the period 2009-2010, employment would be only 1 percent lower than it is now. It means that without government action, the rise in official unemployment in the G20 would have been 55 million, rather than 34 million...

The OECD’s youth unemployment figures underscore the fact that, particularly for young people, comparisons with the Great Depression of the 1930s are entirely apt. Official youth unemployment rates in the G20 have increased nearly 20 percent across 2009-2010, with the OECD predicting rates of 24 percent in the European Union by the end of 2010. Youth unemployment throughout the G20 is predicted to reach 20.5 percent. Forty percent of young Spanish workers are unemployed. Critically, none of these statistics include young people who have already given up looking for work or who have chosen to stay in education because of the lack of jobs...

http://www.wsws.org/articles/2010/may2010/oecd-m05.shtml

Everyone is worried about it, especially for young people. This will be a major topic at the G8 and G20.