Half a billion jobs were lost around the world to Covid-19 in Q2

The novel coronavirus will exact a much higher toll on job markets around the world than previously feared, according to the global watchdog for labour.

According to the International Labor Organisation, the number of hours lost globally has been "considerably larger" year-to-date than previously thought.

Over the three months to June, the number of hours worked had fallen by 17% in comparison to the same period one year before.

That, ILO said, was equivalent to 500m jobs and more than the 400m that it had calculated in June.

Year-to-date meanwhile, income losses for labour, excluding the offset from government aid programmes, had climbed to $3.5trn.

The situation was expected to improve but not entirely by any means.

Hours worked were expected to still be running at the equivalent of 245m fewer full-time jobs globally in the last quarter of 2020, up from the 140m previously anticipated.

Indeed, the final tally for the quarter might run as high as 500m.