The U.N. labor agency is predicting that global unemployment will hit 202 million this year, as debt-driven austerity measures hammer the job market, the Associated Press reported. The International Labor Organization says joblessness will rise to 6.2 percent in 2013, with young people aged 15 to 24 particularly hard hit. The Geneva-based ILO reports Monday about 50 million jobs have vanished since the 2008-09 global financial crisis. It said despite signs of resumed economic growth in some regions "the global employment situation is alarming and shows no sign of recovery in the near future." Raymond Torres, the report's lead author, warned that the "narrow focus of many eurozone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe."
