The Virus Maos Have Wiped Out 500 Million Jobs Worldwide

Globally workers have so far suffered $3.5 trillion in lost income

The damage to labor markets from the coronavirus is proving worse than anticipated, according to the International Labour Organization, which also sees a much slower recovery at the end of this year.

The ILO said that global working hour losses so far this year have been “considerably larger” than previously estimated. In the second quarter, working hours were 17% lower compared with the end of 2019, equivalent to almost 500 million jobs. That’s up from 400 million projected in June.

Pandemic Fallout

Global working-hour losses are expected to amount to 8.6% in the fourth quarter, equivalent to 245 million full-time jobs

  • Working-hour losses
  • Pessimistic projection
  • Baseline projection
  • Optimistic projection

The organization also estimates that labor income losses around the world — excluding the offset from government support programs — amounted to $3.5 trillion so far.

While the situation will improve in the second half, the outlook has also worsened considerably since June. The destruction in the fourth quarter will be equivalent to 245 million jobs in a baseline scenario, up from 140 million. Under a pessimistic outcome, the fallout could amount to the equivalent of more than 500 million.

The revisions partly reflect the increase in global infection rates, which means a greater economic impact in the second half than the ILO previously assumed. The Geneva-based organization also said there’s been greater damage to jobs in developing economies, where there’s less opportunity for home working, and on informal work.

Worryingly for the long term, the ILO said the decline in employment has led to an increase in inactivity. That could leave many people cut off from the labor market, slow the job recovery and increase inequality.

Source: Bloomberg

Subscribe
Notify of
guest
5 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

richseeto
richseeto
2 months ago

WTF is “The Virus Maos”?

geo
geo
2 months ago

Don’t be confused by the picture used above – Hitler helped the German people to recover, get healthy and happy. The Talmudists pushed their slaves to genocide the Germans.

disqus_3BrONUAJno
disqus_3BrONUAJno
2 months ago

If survival of the fittest is the rule, the fittest are those who haven’t been profligate and can survive the reduction of income that will eliminate the less fit.
I’ve been working to reduce my cost of living since 1985, when I moved into my first van. Now I’m living comfortably in my third van, on $1014 a month, what I receive from Social Security.

ke4ram
ke4ram
2 months ago

Couldn’t have done it without our help!

Saint Jimmy (Russian American)
Saint Jimmy (Russian American)
2 months ago
Reply to  ke4ram

As far as many of our political leaders – worldwide – are concerned, this is a hangin’ offense. However, you are correct. We…. sigh…. We complied.

Anti-Empire