Business

Jobless issues in 2008
by Claudia Sonea

The International Labor Organization with headquarters in Geneva made a public forecast on Wednesday concerning the unemployment rate in 2008. As it is, five million people are expected to hit the sack as the global economy struggles with the US subprime crisis and rising oil prices. ILO director general Juan Somavia assured that there is nothing certain at this point and the global picture regarding the jobless issue is blurred at this point and despite the global growth that creates millions of jobs every year, there is also an increase of the unemployment. If last year they cheered the 45 million new jobs accompanied by only a slight rise in unemployment, which stood at 189.9 million people at the end of the year, ILO are now concerned that the worldwide jobless rate is set to increase to 6.1 percent from 6.0 percent. Furthermore, the organization's employment director Jose Salazar-Xirinachs added that it could be even worst after recent market turmoil wiped billions of dollars off stock exchanges and thus rising fears of global recession. The slowdown in industrialized countries due to the credit crunch and soaring oil prices has been balanced by a strong economic growth in the developing economies, especially South Asia that last year accounting for 28 percent of all new jobs in 2007. Still, ILO is preoccupied that the new jobs are referring mostly to work classified as 'own-account' workers who lack social security and workplace protection. In Middle East and North Africa there is the highest rate of unemployment at 11.8 percent and 10.9 percent respectively, while Latin America and the Caribbean, Central and Southeastern Europe, and the Commonwealth of Independent States are right after with 8 percent. Somavia reinforced that ILO will closely supervise all development in the future years and try to make sure that new jobs are being created. Stay online and find out what will happen next!

related story: http://news.yahoo.com/s/afp/20080123/bs_afp/iloeconomylabourunemploymentreport_080123233356;_ylt=AqJslYjPy3j344HaunjWhXOs0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 2:06 PM