The relentless rise of unemployment in many of the world’s developed nations threatens a “lost decade” that will sap consumer confidence, squeeze government revenues and alter migration patterns.
Jobless rates are at or near record levels in Britain, Spain, Greece and the euro zone as a whole. In the United States, unemployment has stubbornly refused to budge from about 9 per cent for more than two years. And even Canada, where the labour market has been relatively robust, saw its worst job losses last month since the recession.
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