230 million unemployed worldwide - the economic and social fallout

Thursday, October 29, 2009

I was listening to BBC Business World today and came across this revealing and thoughtful interview on the global impact of the huge rise in joblessness. According to the UN’s International Labour Organisation, there are upwards of 230 million unemployed people on this planet, around seven per cent of the workforce. This is a figure set to rise sharply despite an upturn in the global economic cycle - for as we know, unemployment is a lagging indicator. It tends to turn around with a delay after demand and production has started to rise again.

Posted to A2 Macro • AS Macro • Cycles and Shocks • Global Economy • Labour Economics • Unemployment
Tags: unemployment, demand, employment, production, social costs, lagging indicator, economic costs, joblessness
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Biggest rise in UK unemployment since 1971

Wednesday, July 15, 2009

by Geoff Riley

One feature of the impact of the recession on the UK labour market has been how quickly both measures of unemployment have started to climb as the downturn has deepened. Unemployment using the LFS climbed by a record 281,000 to hit 2.38 million (7.6%) in the three months to May, the highest level since October 1995. And youth unemployment has spiked to the highest level since the early 1990s.

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