Developed World’s Employment Still Lagging from Recession

Posted May 11th, 2012 at 9:55 am (UTC-5)
Leave a comment

A new report says the labor markets in the developed world's biggest economies have still not recovered from the global recession that started in 2008.

The Organization for Economic Cooperation and Development said Friday that 528 million working-age people were employed in its 34 member nations in late 2011. The OECD said that was two million fewer workers than in the April-to-June period of 2008, just before the start of the global financial crisis.

During that four-year span, the OECD said the working age population increased by 17 million people, while the number of unemployed workers jumped by 13 million.

The report came as the European Union estimated that the economy in the 17-nation euro currency bloc would contract by three-tenths of a percent this year in the wake of the continent's governmental debt crisis. A year ago, growth of 1.8 percent had been projected, but the eurozone economy has faltered as numerous governments have imposed austerity measures to rein in deficit spending.

The EU's economic chief, Olli Rehn, predicted the recession would be “mild” and “short-lived.” The EU is projecting one percent growth in 2013.