Apr 13, 2005

Slack Labor Market Indeed

From the Mises Institute blog:
The ILO reports that unemployment worldwide hit a record high last year of 185.9 million people worldwide, or 6.2 percent of the global labor force.

The political class claims to have the answer, but unemployment is not the result of any one cause. It makes its appearance in a great variety of circumstances, some in personal factors, some in economic changes, and some in legislative and regulatory conditions. Throughout the year some workers may appear in the labor market and then withdraw. Students work during the summer and return to school in September. Building and construction activities, logging and lumbering, slaughtering and meat packing are very seasonal and give rise to a considerable amount of temporary unemployment.Similarly, industrial and technological changes may force workers to readjust and relocate. Jobs, wages, and working conditions always point the way.

I would have thought it was more of a U.S. and Europe problem which would be outweighed by the larger populations of Asia. I have never used this data stream before so I don't make to much of it other than to be surprised it is setting a record.

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