Job Losses Worldwide Could Total 51 Million

01.28.09 | FL News Team

A new report from the UN's International Labor Organization says worldwide job losses could range from 30 million to 51 million by the end of this year. The UN agency's worst-case figure would put the global unemployment rate at just over seven-percent, compared to six-percent in 2008. The figures illustrate how the economic downturn has sparked global employment problems.

Caterpillar, Texas Instruments and insurer ING are just a few of the major companies that are slashing thousands of jobs as the economic downturn continues. The UN agency said government-funded infrastructure projects could help create jobs until the outlook for the private sector begins improving. The report also urged governments to extend unemployment benefits and health insurance programs to those who are jobless.