Jobless ranks to swell in 2013

The New York Times reports over 197 million people are out of work worldwide, and close to 40 million more have thrown in the towel and stopped looking for work altogether.

The International Labor Organization is predicting another 5.1 million will become jobless this year.

“High unemployment rates in the developed world — 7.8% in the United States, 11.8% in the eurozone — weigh on demand and hold back economic growth. Global gross domestic product will probably expand about 3.6% this year, the International Monetary Fund said in October, below its previous forecast,” the report says.

Read also:

Unemployment rate falls in U.S. and Canada

Canada’s job market rebounds

Morgan Stanley to cut 1,600 jobs

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.