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Global Unemployment Could Reach 50 Million This Year
The global financial crisis could wipe out 30 million jobs worldwide by the end of 2009, said the International Labor Organization (IOL), an agency of the United Nations.
The best-case scenario would be 18 million jobs lost, which would amount to a global unemployment rate of 6.1%. The loss of more than 50 million jobs lost and a 7.1% unemployment rate would be the worst-case scenario.
If the latter happens, the number of working poor – people who are unable to earn enough to lift themselves and their families above the poverty line ($2 per person per day) – may…
29Jan2009 | Money Morning | 0 comments | ContinuedInflation Cools as Economic Downturn Deepens
Consumer prices held steady as the credit crisis took a toll on the sluggish U.S. economy and dampened inflation.
The Labor Department announced yesterday (Thursday) that the Consumer Price Index (CPI) was unchanged in September after declining 0.1% in the prior month. Year-over-year, consumer prices increased 4.9% for the 12 months ended September 2008, down from a 5.4% increase in August.
Oil prices made up the bulk of the decline in consumer prices as the cost of crude has dropped by over half from its record high of $147 per barrel in July.
So-called core CPI, which excludes volatile food and energy…
17Oct2008 | Money Morning | Comments Off | Continued
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