Wednesday, June 24, 2009

Global Unemployment to Rise to 1970's Levels

OECD details:

More than 57 million people will be unemployed in OECD countries by the end of 2010, according to OECD estimates, up from 37.2 million at the end of 2008, when the average unemployment rate was 6.8%. The expected increase will bring OECD-wide unemployment to 9.9% at the end of 2010, its highest level since the 1970s, with an average for the year of 9.8%. Unemployment touched a recent low point of 5.5% in the last quarter of 2007, standing at 31.6 million at the end of that year.
Here is a chart using data by the OECD for job losses in a number of countries over the past 16 months....



Not pretty as of April, but it is expected to get worse. Does anyone still think this will be a recession like the early 90's?

Source: OECD