Unemployment will reach high in 2010: OECD

Unemployment will reach high in 2010: OECD
Last Updated: Wednesday, September 16, 2009 | 6:59 AM ET Comments

The Associated Press


The Organization for Economic Co-operation and Development is forecasting a new postwar record for unemployment in leading industrialized nations next year.

The jobless rate will approach 10 per in the latter half of 2010, as the global economy looks set for only a timid recovery, the OECD said Wednesday.

That compares to the current postwar high of 8.3 per cent in its 30 members countries, as of last June.

The Paris-based watchdog calls the short-term jobs outlook "grim," adding that labour market conditions appear set to deteriorate further in the coming months.

It also says there is a risk that the rise in joblessness could result in a permanently higher unemployment level that could take many years to bring back down. ...........(more)

The complete piece is at: http://www.cbc.ca/money/story/2009/09/16/oecd-jobs-employment-report238.html