The global line of joblessness is set to reach an all-time record of 200 million this year according to the Internatonal Labour Organization in its annual report on Tuesday. The ILO’s revised figures – that means edited or censored figures - posit that global unemployment has risen by 28 million since 2007. Including those “discouraged” individuals who have ceased looking for work, the global financial crisis has stripped society of approximately 67 million jobs.
To be fair, the ILO has made the same prediction in each of the last six years. The UN jobs watchdog estimates unemployment will rise by 5.1 million this year to more than 202 million, and by another 2 million in 2014, following a rise of 4.2 million in 2012.
If this years’ predictions prove to be right, global unemployment will hit an all time record. However, the ILO revises ts jobless figures down every years as those who stop looking for jobs increases. Therefore, those individuals are technically no longer unemployed. Reuters analyzed the previous ILO reports which demonstrated that unemployment estimates each year for the last six years have been edited downwards. For instance, the original joblessness figure of 189.9 million is now put at 169.0 million-11 percent lower. 2008-2010 figures have fallen as well by 10-15 million from the original estimates. (Read more…)
Most of the time, the drop is due to people who give up looking for work, according to the director of labor market analysis out of the Geneva-based ILO. So, essentially, unemployment for the globe has broken a record five years in a row, and is set to do it for the sixth…at least were it not for misrepresented data.
The post Nearly 70 Million (Conservatively) Jobless Worldwide Since 2007, As Global Unemployment Hits Record appeared first on Silver Vigilante.
[VIA Silver Vigilante]