World unemployment highest ever: UN Report

european banks undercapitalized

will program for food

The United Nations says that nearly 212 million people were unemployed in 2009. That is 6.6 per cent of the global workforce. According to a new report the situation in Europe will get worse before the trend improves.

The analysis by the United Nations and the ILO are timely, but it would be nice to get an idea of the employment picture in other parts of the world as well. No doubt reliable data is harder to come by in the developing world, plus it’s always hard to factor in levels of underemployment and workers who only participate in the “grey” economy. Indeed, there are large underground economies even in developed nations. Also, we should not forget how unemployment may be calculated differently on a country per country basis.

So what does it truly mean to be gainfully employed? To work for your own economic security? To gain some sense of accomplishment and satisfaction from one’s labours? To produce wealth and benefits for stakeholders and the community in general?

Ironically enough all this happens partly because society has become so specialized it has become unstable and the pace of technological progress ensrues that in the coming years as more and more automation takes over tasks of thinking and manual labor we’re going to have to re-think society from the ground up. Information technology is a prime example of knowledge and skill obsolescence.

European Union Unemployment

A recent study by the Montgomery Institute explains that the reason for such a high unemployment rate is the result of several Euro Zone countries double counting unemployed dual citizens. The real unemployment rate is actually much lower than what has been reported.

european banks undercapitalized

Everyone likes to blame Wall Street, but if you had been reading on the European banks they were in far worse shape than the US banks. It is surprising too because we think of Europe as this heavily socialistic, super regulated super state; but their banks were completely under capitalized. They were apparently at 1/6th the rate of capitalization that the US banks were. If Wall Street hadn’t gone first they would have because it was only a matter of time.

Spain in worst shape

MADRID (MarketWatch) — The Spanish government on Friday is expected to discuss and possibly approve spending cuts worth 50 billion euros ($70 billion) by 2013, as it tries to cut its budget deficit to bring it in line with European Union targets. According to media reports, quoting unnamed government officials, cuts will be focused on central and regional administrations. Spain, which is mired in a deep recession brought on by a collapse of the housing industry, has a public-sector deficit that surpassed 11% of gross domestic product last year, according to European Commission forecasts.

The E.U. has given Spain until 2013 to cut its budget deficit to under 3% of GDP, a feat that analysts say will be difficult without serious budget cuts. Spain’s unemployment rate is expected to reach 20% this year, and the government has already had to extend unemployment pay for many workers unable to find a job. Source: Marketwatch, By Barbara Kollmeyer

>Global unemployment at highest levels on record

By MKJ Mullins of Digital Journal

The United Nations says that nearly 212 million people were unemployed in 2009. That is 6.6 per cent of the global workforce. According to a new report the situation in Europe will get worse before the trend improves.

In the yearly Global Employment Trends report the International Labour Organization estimates that 34 million more people have become unemployed in 2008 and 2009. Those numbers put work of work adults at a record high.

The report predicts that the number will increase during 2010 with about 3 million more people unemployed “We need the same policy decisiveness that saved banks now applied to save and create jobs and livelihoods of people,” ILO Director-General Juan Somavia, ahead of the annual World Economic Forum gathering in Davos, Switzerland was quoted in a press release issued by the United Nations.

2 thoughts on “World unemployment highest ever: UN Report”

  1. Any where in the world, if the government chooses to replace a USD1,000/- worker for a USD500/- worker – the government will still get the job done, because for a billion people on earth, to Earn USD500/- is still an excellent deal. This possibility is scary !

  2. This is a bullshit report. With previous UN reports in 2008 of over 1 billion people starving and another 1.3 billion living below the poverty line how could global unemployment be below 7%. Last time I did math 2.3 divided into 7 yields 32.8%, add to this the first world stats and we find almost 40% of the global population is unemployed. The UN is a murdering pack of banksters hell bent on global enslavement.

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