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OECD Expresses Concern Over Global Unemployment

The economic group that oversees leading global economies warned the unemployment among its constituents could remain persistently high following the financial crisis, according to The Wall Street Journal.

The economic group that oversees leading global economies warned the unemployment among its constituents could remain persistently high following the financial crisis, according to The Wall Street Journal. On Wednesday, the Organization for Economic Cooperation and Development reported that some member nations could face “widespread deterioration of human capital, discouragement and labor market withdrawal” if unemployment remains elevated. The group highlighted the weak labor markets in the U.S., U.K., Italy, Spain, Ireland, Greece, and Portugal as being the most prone to ongoing issues.

The OECD devoted special attention to the U.S. labor market, warning about the “unusually high share of long-term unemployment.” In particular, the OECD highlighted that the unemployment outflow rate is lower than in previous recessions, indicating that the odds of a jobless person finding work is low. The group praised time-sharing programs among workers in Germany, Austria, Belgium, Finland, Japan, Korea, and Luxembourg, and the Netherlands that helped absorb reductions in gross domestic product, although summarized that “The labor market has yet to recover from the crisis.”

Click here to read the story from The Wall Street Journal.

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