By Anka Mulder - Over the next decade, it is estimated by the World Economic Forum (WEF) that the global economy will need to create some 600 million new jobs to preserve social cohesion, and ensure sustainable growth. In the midst of ongoing economic fragility across much of the world, this poses a monumental challenge, and will thus be one of the topics discussed at WEF annual meeting in Davos later this month.
Joblessness in the Euro zone rose to a new record high in May, pushed up by lay-offs in France, Spain and even stable Austria, as the several years long debt crisis continues to eat away at the currency bloc's fragile economy.
Euro zone unemployment has hit a record high, and job losses are likely to keep climbing as the bloc's devastating debt crisis eats away at businesses' ability to hire workers while indebted governments continue to cut staff.
Spain's sickly economy faces a crisis of huge proportions said Foreign Minister Jose Manuel Garcia-Margallo as unemployment hit its highest level in two decades and Standard and Poor's weighed in with a two-notch downgrade of the government's debt.
Spain's jobs-scarce economy plunged back into recession in the first quarter of 2012 as employment slumped even further, the Bank of Spain said on Monday. Barely two years after emerging from the last downturn Spain slid into recession again with two consecutive quarters of economic contraction the central bank said in a report.
United Kingdom’s unemployment rate held at a 13-year high of 8.4% in the three months to January, and the youth unemployment rate rose to a record high, official data showed Wednesday.
Spain's government will unveil reforms to rigid labour laws on Friday that it hopes will be radical enough to get to grips with sky-high unemployment while not severing links altogether with unions ahead of key regional elections.
Chile’s unemployment rate unexpectedly declined in the three months through December to 6.6% from 7.1% as the retail, mining and construction industries expanded, the National Statistics Institute said on Tuesday. The situation according to economists is close to “full employment”.
The number of Britons out of work rose to its highest level in more than 17 years in October, and these jobless figures look set to rise further as firms facing the threat of a renewed recession cut back on staff.
The US unemployment rate fell to a two and half year low of 8.6% in November and companies stepped up hiring, further evidence the economic recovery was gaining momentum.