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Coronavirus fallout has erased $3.5 trillion in workforce income, UN agency says - Business Insider

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Coronavirus fallout has erased $3.5 trillion in workforce income, UN agency says

from the International Labour Organization details worse-than-expected damage in the global labor market and forecasts pain lasting through the fourth-quarter of 2020.

Working-hour losses are expected to remain elevated through the third quarter at 12.1%, or 345 million full-time-equivalent jobs, the ILO said. Those losses signal a global drop in labor income of 10.7% over the first three quarters of 2020 compared to the year-ago period. To be sure, ILO's tally of wages lost doesn't include income regained from government support measures, such as the US's expansion of unemployment benefits. The agency estimates that increases to stimulus spending by 1% of gross domestic product would've shaved 0.8 percentage points from working-hour losses.

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