OECD says Unemployment Will Continue to Rise
Despite reports that many industrialized economies are beginning to emerge from their worst economic crisis in decades, unemployment is rising and will likely reach a historic peak of nearly 10 percent next year. The findings come from the Organization for Economic Cooperation and Development in Paris.
Indications that unemployment continues to rise is grim news for leaders heading to the G-20 summit in the United States next week. The Paris-based Organization for Economic Cooperation and Development reports unemployment reached its highest level among industrialized nations of 8.5 percent in July.
OECD unemployment division chief Stephan Scarpetta says the number of jobless among the OECD's 30 member countries is expected to climb even higher next year, to nearly 10 percent. That translates into 57 million people out of work.
"Unfortunately, despite the most recent indicators that suggest the [economic] recovery may be in sight somewhat earlier than we were expecting only a few months ago, it will take far [longer] for the recovery to materialize in terms of significant improvement in the labor market," he said.