Jobs, nearly half a million jobs went up in smoke in three months
Jobs: Istat, after four months of decline, employment returns to grow: + 0.4%.
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September 23, 2020 The pandemic crisis caused a loss equivalent to more than 495 million jobs in the second quarter in terms of lost work hours.
The estimates of the ILO, the UN Labor Organization, continue to worsen regarding the impact of the Covid crisis in the world.
And "the devastating losses on hours worked - says the institution in the latest update of its estimates - have caused a massive loss of earned income".
The sixth edition of this "ILO Monitor: Covid-19 and the world of work" marks estimates "considerably larger" than the June data on the effects of the pandemic, notes the ILO in a statement.
Now it is estimated that in the second quarter hours of work equivalent to 495 million full-time jobs were lost, down 17.3% compared to the same period a year earlier.
Last June, the ILO recalls, losses were estimated to be equivalent to 400 million jobs (based on a week of 48 working hours).
In the third quarter, losses equivalent to another 345 million full-time positions are expected (-12.1%).
The ILO also worsened its estimates for the fourth quarter.
The decrease in hours worked, the organization predicts, will amount to 8.6%, equal to 245 million equivalent jobs, against the previous -4.9% for 140 million full-time equivalent jobs.
Also according to the ILO study, over the first nine months of 2020 there will be a gross loss of income from work of 3,500 billion dollars, with a decline of 10.7% on an annual basis.
This figure specifies the UN body excludes support provided through public subsidies.
The most marked drops occurred in countries with average per capita income levels, with decreases exceeding 15%.
The Americas area was the hardest hit on a global scale, with a 12.1% drop in income from work.