Update: Granted not all will be in the US but there go our hopes of getting one of those fancy overseas jobs everyone keeps talking about.
AP: The U.N. labour chief says the world financial meltdown will lead to at least 20 million lost jobs.
The International labour organisation says the increase will put the global unemployment total at 210 million by the end of 2009.
The ILO says that will be the first time the figure has been above 200 million in a decade of record-keeping.
ILO Director-General Juan Somavia said Monday that global leaders need to focus on the impact on individuals, not just financial institutions, when they devise rescue plans.
Earlier: Worst Recession In 20-Six Years: Awesome! Have a good day at a work everyone and take a gooood look around. Maybe even snap a picture. Your job may not be there tomorrow.
PS Who knew 1982 was such a crummy year?
Financial Times: The US economy appears to be plunging into what many experts believe will be its worst recession since 1982.
Senior officials at the Treasury and Federal Reserve are confident that the rescue plan for US banks will succeed in preventing a financial system meltdown and ensure there will not be a repeat of the Great Depression. But they know that a sharp economic downturn is already baked in the cake. They do not,however, know how deep or protracted it will be.
The focus of concern is shifting from the markets – although these remain dangerously stressed – to the wider economy, where the consumer finally appears to be cracking.
The Fed and Treasury were expecting the economy to weaken but not as rapidly as it has, with collapsing consumer confidence, falling home starts, slumping retail sales and falling industrial production.
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