The World Trade Organization has announced a cut in the 2013 growth forecast from 4.5% to 3.3%.
The WTO tried to downplay the weaker growth by claiming that in 2014 the world trade market should grow 5%.
“There is a need for more rules-based trade in order to reduce unemployment and to stimulate growth,” WTO director general Pascal Lamy told reporters. In addition to the unemployment, the weaknesses in European economies will continue to drag down trade. Continue reading
Unemployment in the UK rose to 2.52 million between November and January. Despite the rise in numbers, the overall unemployment rate held at 7.8%. Continue reading
Less than a week after their Prime Minister said they would no longer take austerity measures because of an improving economic situation, Greek officials have said unemployment has reached new highs.
The debt-ridden nation’s unemployment rate rose to 26% in the final part of 2012, up from 24.8% in the third quarter of the year and 20.7% a year in 2011. Continue reading
Unemployment in Spain has topped 5 million citizens for the first time in the nation’s history.
Over 59,000 people were added to the unemployment roll in February raising the nation’s total to 5.04 million. Continue reading
Another month, another record high for eurozone unemployment.
The unemployment rate for the eurozone rose to 11.9% in January, a rise of .1% from December’s previous record high. Continue reading
Almost 157,000 jobs were added to the U.S. economy last month while the unemployment rate continued to climb.
The unemployment rate climbed to 7.9% in January, up .1% from the previous month’s total. The data from the Labor Department said that an average of 181,000 jobs were created each month in 2012. However, the data did not break down to say if those were low paying, minimum wage jobs or jobs with livable wages. Continue reading
The latest Markit Purchasing Manager’s Index shows that the manufacturing market contraction that has been plaguing the eurozone is beginning to ease.
The latest level shows 47.9, an increase of 1.8 from December. Still below 50, it shows there is contraction in the manufacturing market, just at a much lesser pace than the previous month. Continue reading
Zimbabwe’s public account for paying government bills hit $217 last week.
Not $217 million. $217.
Payments by the government to civil servants left the entire government so poor that they couldn’t afford to buy an iPhone. Continue reading
Spain’s unemployment rate has set a new record with 55 percent of the nation’s youth unable to find work.
The unemployment rate for the entire country rose to 26 percent with almost six million out of work. Continue reading
The International Labor Organization has released its annual report that states worldwide unemployment could hit record levels this year and could continue rising until 2017.
The current record is from 2009 when 198 million were unemployed. The ILO projects that by the end of 2013 there will be 202 million with a rise of 5.1 million from current levels. The report predicts 205 million unemployed by 2014. Continue reading