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Long-Term Unemployment Almost Double Pre-Financial Crisis Level – Oecd

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http://www.theguardian.com/business/2014/sep/03/long-term-unemployment-double-financial-crisis-level-oecd

The number of long-term unemployed in the world's major economies has increased by 85% since the financial crash, according to the latest employment monitor by the Organisation of Economic Cooperation & Development (OECD).

More than 16 million people have been out of work for at least a year in the first quarter of 2014, up from 8.7 million before the crisis, or more than one in three of all unemployed across the OECD's 34 member countries, the report said.

The Paris-based forum gave a stark warning to countries such as Spain, Portugal and Greece, which recorded the biggest increases in unemployment after the 2008 crash. It said there is growing evidence that part of what was originally a cyclical increase in unemployment has become structural and "will thus be more difficult to reverse during the economic recovery".

It said: "Therefore, tackling unemployment where it remains high and driving down long-term unemployment remain key policy priorities."

The OECD has become increasingly worried about growing inequality in the major economies and the knock-on effects for social cohesion and productivity.

Almost 45 million people are without work in the OECD area, 11.9m more than just before the crisis. According to the most recent OECD economic projections from May 2014, unemployment among its members, which include the UK, the US and most developed countries, will continue to decline but will remain well above its pre-crisis level for the rest of this year and throughout 2015.

Perhaps it will be difficult to shift because there is no economic recovery?

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Economic participation rates are still p1ss poor as well.

Luckily in the UK,lots of our young people are leaping off the cliff to University and keeping the UB count down.

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