The COVID-19 crisis is expected to wipe out 6.7 per cent of working hours globally in the second quarter of 2020, according to the International Labor Organization (ILO). This is equivalent to 195 million full-time workers losing their job.The rapidly intensifying economic effects of COVID-19 on the labor workforce are proving to be far worse than the 2008-9 financial crisis, the UN labour agency ...
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.