Capitalist firms such as Merrill Lynch openly report that business will continue to shed workers even if the economy is growing at more than a 4 percent rate.

Anticipating more layoffs and further deterioration of working conditions, Merrill Lynch states that "corporate restructuring activities will continue in full force as companies resize themselves for profitability."

In the last quarter, labor productivity, measured by the amount of goods and services that are produced for each hour worked, grew by 8.6 percent. At the same time the unemployment rate rose to 6 percent, the highest percentage level in nearly eight years.

According to a report from the Institute for Supply Management, economic activity in the manufacturing industry has registered consistent growth during the last four months, while the number of manufacturing jobs has continued a slide that has now lasted 20 months in a row.

Meanwhile, the unemployment rate in the countries of the European Union rose to 7.6 percent in April, representing a total of 13.3 million workers, up from 7.5 percent in March. At 11.3 percent Spain has the highest proportion of workers without jobs. Unemployment in France stands at 9.2 percent.

Joblessness in Brazil took a leap in April as construction and retail firms fired workers, increasing from 7.8 percent in March to 8.2 percent in April. Hong Kong also saw a steep rise to 7 percent in those out of work. Unemployment rate in Japan continues at 5.2 percent.  
 
 
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