Coronavirus to Cost 400 Million Jobs in Second Quarter - UN

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  • The International Labor Organization said on Tuesday that the coronavirus pandemic would have resulted in 14% drop in global work-hours in the second quarter of the year
  • According to the UN's labor agency, this represents 400 million full-time job losses globally, using a standard 48-hour work week
  • This is a sharp increase from the 10.7% fall in work hours or 305 million job losses forecasted by the agency for the same period in May
  • The ILO noted, in its latest edition of "Covid-19 and the world of work," that the US was the worst-hit country economically, with an estimated loss of more than 70 million jobs
  • Director-General of the ILO, Guy Ryder, said that economic decisions taken now will determine the global economic trajectory for the next decade