The latest U.S. jobs numbers showed a U.S. unemployment rate still at 7.6 percent. The official global unemployment rate, compiled by the International Labor Organization (ILO), is around 6 percent—which suggests American workers are worse off than their counterparts worldwide. But that statistic is deeply misleading. Unemployment is, by and large, a luxury of rich countries. Billions of people across the world are stuck working long hours in subsistence farming, hawking, or other informal occupations, desperate for a job that provides a weekly wage packet. Solving this underemployment problem is the biggest key to the challenge of economic development worldwide.
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