The Job Crunch: It’s Global

The job crunch that has become so much a part of everyday life is not limited to the United States.  Indeed, as The Economist writes in “When jobs disappear” (link below), unemployment rates are jumping around the world, and it is likely to get worse:

The next phase of the world’s economic downturn is taking shape: a global jobs crisis. Its contours are only just becoming clear, but the severity, breadth and likely length of the recession, together with changes in the structure of labour markets in both rich and emerging economies, suggest the world is about to undergo its biggest increase in unemployment for decades.

To compound the difficulties facing unemployed folks in America, we are not exactly generous when it comes to supporting those who have lost their jobs:

Benefits for the jobless are, if anything, skimpier than in the 1970s. Unemployment insurance is funded jointly by states and the federal government. The states set the eligibility criteria and in many cases have not kept up with changes in the composition of the workforce.

The Economist was prescient in forecasting the subprime mortgage meltdown at a time when so many others were still enamored of real estate, so this is not a publication to be taken lightly.

Here’s the link to the full article: http://www.economist.com/displaystory.cfm?story_id=13278217.

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