Global Employment Trends January 2009

EU: Unemployment, working poor and vulnerable employment to increase dramatically due to global economic crisis.

Global Employment Trends January 2009, International Labour Organization: “The global financial crisis has triggered a serious slowdown in world economic growth including recession in the largest industrialized countries. Enterprises have stopped hiring and many are laying off workers in considerable numbers. This report examines what we know already about the impact of the crisis on jobs and what we could expect from several possible scenarios of the way it might evolve in the year ahead. In 2008, an estimated 6.0 per cent of the worlds workers were not working but looking for a job, up from 5.7 per cent in 2007. Experience shows that the longer people stay out of work the more their employability deteriorates, making it progressively harder to get back into work. This is especially worrying for young workers who may get trapped into a lifetime of weak attachment to the labour market alternating between low paid insecure work and
outright unemployment.”

Bloomberg – Geithner Reassures G-7 on U.S. Financial Rescue Plan: “Reports last week showed Germanys economy, Europes largest, contracted the most in 22 years in the fourth quarter and U.S. consumer confidence neared its lowest since 1981. Policy makers are seeking a coordinated approach to stanching the economic damage thats prompting companies including Caterpillar Inc., Nissan Motor Co. and Alcatel-Lucent to cut jobs.”
“The G-7 [US, UK, Japan, Germany, France, Italy and Canada] commit to take any further action that may prove necessary to reestablish full confidence in the global financial system,” from the draft statement, February 14, 2009.
Statement of G7 Finance Ministers and Central Bank Governors, February 14, 2009
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