Another week and more gloomy global economic predictions. This one from the International Labor Organization - a UN agency based in Geneva - in its annual World of Work report.
The headline is: double dip recession may be statistically avoided in U.S. and Europe ... but not in employment terms.
"The next few months will be crucial for avoiding a dramatic downturn in employment and significant aggravation of social unrest. "
The report can be downloaded here.
Among the ILO report's findings:
"80 million net new jobs will required over the next two years to restore pre-crisis employment rates." 27 million of those jobs will have to be found in advanced economies. On current growth rates we'll be lucky to see half that number created.
The euro zone, needless to say, is the most at risk of a severe jobs crisis. Worst hit is Spain. Third quarter statistics were published late last week. Total unemployment is 21.5% of the work force. Youth unemployment - those in the 16 to 25 age bracket - is 45.8% (You read that right.) There are 1.43 million households with all active members unemployed. Another way to look at that the numbers is that only 59% of the working age population is employed. (more here for those who read Spanish)
Anyway, the ILO is calling on the G-20's leaders to put employment at the top of their agenda when they meet Thursday for a summit in Cannes. Something tells me that by the time they finish begging China to prop up the euro and allow the yuan renminbi to move upward more rapidly against the dollar there won't be much time to talk about whether it is time to stop the austerity madness and get down to some serious investment in job creating growth.