ILO says aaiyyo

just when we went into a depressing news reporting phase yesterday with the unemployment scenario, the international labour organisation (ILO) report scares the yolk out of shells.

Scenario 1 aka "Optimistic": Based on current labour market trends, the first scenario would mean that the global unemployment rate may rise to 6.1 per cent in 2009, and 198 million people will be unemployed (see Table S1 and S2 in Annex 2). This is an increase of 18 million over the estimated number of unemployed in 2007.

Scenario 2 aka "Realistic": ....the global unemployment rate would rise to 6.5 per cent, an increase of 0.8 percentage points over 2007. This would correspond to an increase of the global number of unemployed by 30 million people in comparison with 2007.

Scenario 3 aka "Worst Case": ...the global unemployment rate would rise to 7.1 per cent, an increase by 1.4 percentage points over 2007. In the Developed Economies and the European Union, the unemployment would rise to 7.9 per cent. This would correspond to an increase in the global number of unemployed of 51 million people in comparison with 2007.

brace yourself. turbulence ahead.