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Recession 'may See 25m Jobs Lost' Worldwide

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The Organisation for Economic Co-operation and Development (OECD) says the global recession could cost 25 million people their jobs.

This is despite recent signs that economies of its 30 member countries may be starting to recover.

"A recovery is in sight, but it is likely to be modest for some time to come," OECD chief Angel Gurria said.

Fifteen million jobs have been lost so far, and up to 10 million more could go by the end of 2010, the OECD said.

The unemployment rate across the 30 most industrialised nations in the OECD was 8.5% for July, the highest since World War II. It was 5.6% at the end of 2007.

'Bottom line'

The group said that the rate could reach a new high of 10% by the end of next year, with 57 million people out of work, if the recovery fails to gain momentum.

"We've thrown trillions and trillions and trillions at [the problem] and of course we're seeing results," said Mr Gurria, the OECD secretary general, referring to global stimulus efforts.

"Employment is the bottom line of the current crisis. We should not assume that growth will take care of this."

Spain, the Irish Republic and the US were worst hit in the OECD, with unemployment rates rising by 9.7 percentage points, 7.8 percentage points and 4.5 percentage points respectively between the start of 2007 and July this year, the OECD said.

"As in previous severe economic downturns, vulnerable groups - youth, immigrants and workers in temporary or part-time jobs - are bearing most of the brunt of the job losses," Mr Gurria said.

The OECD recently said the economies of its members stabilised in the last quarter.

While Japan, France and Germany are some of the economies to show economic growth in the second quarter, latest figures showed countries such as the US and UK were still shrinking.

We've thrown trillions at the problem and we are seeing the results of artificial stimulus which are not sustainable in the long term. Growth will not fix the problems because the US needs growth over and above 2.5% to start creating jobs which all the economists know but refuse to acknowledge widely.

It's the jobless recovery.

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One in five of Britain’s young people is now jobless, official figures showed yesterday, as total unemployment reached its highest level for 14 years. In the three months to July, the total of unemployed people aged 16 to 24 rose by nearly 60,000, to 947,000, the biggest jump since 1992. Their jobless rate is now 19.7 per cent.

The total UK jobless figure for the three months rose by 210,000 to 2.47 million, the highest total since May 1995. The official unemployment rate is now 7.9 per cent. Those claiming unemployment benefit in August reached 1.61 million, up 24,400 from July and 693,700 ahead of August last year. Of these, 483,200 — nearly one in three — were aged 16 to 24.

News that youth unemployment was continuing to rise sharply was greeted with concern by both employers and unions. Katja Hall, the CBI’s director of employment policy, said: “The rising level of youth unemployment is alarming and we cannot afford to lose a generation of young people.

“Apprenticeships are an excellent path to employment but their availability would be constrained if a minimum wage was set too high. The young must not be priced out of apprenticeships in a difficult jobs market.â€

And in the UK it's the young supporting the jobless recovery.

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