Tuesday, January 25, 2011

UN: Global unemployment levels stagnate at 205M

DAVOS, Switzerland — The UN labor office said global unemployment levels held steady at 205 million last year and are not expected to improve significantly in 2011.

The International Labor Organization expects the number of jobless worldwide to dip less than 1 percent this year to 203.3 million.

The ILO report was released Tuesday on the eve of the World Economic Forum in Davos, Switzerland, where business and political leaders meet annually to discuss the state of the world.

ILO chief Juan Somavia was quoted in the report as saying that "the tremendous human costs of the recession are still with us."

The Geneva-based agency said there are 27.6 million more jobless today than when thefinancial crisis started in 2007, though with population growth more people are also in work now. — AP

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