Joblessness across the U.S., Europe and dozens of other countries is slowing the global recovery, creating a need for 14 million jobs to get unemployment rates back to pre-crisis levels, the Organization for Economic Co-operation and Development said.
The OECD focuses on the promotion of policies that it believes will improve the economies of member countries. The U.S. is an OECD member, along with Canada, much of Europe and Mexico. OECD has 34 member countries altogether.
The OECD released a report Tuesday saying the slow economic recovery will keep unemployment levels high through at least the end of 2013.
Young people and low-skilled labor continue to feel the brunt of the jobs crisis. In its employment outlook report, the organization says unemployment will hover around 7.7% in the fourth quarter of 2013, which is mostly unchanged from the 7.9% rate recorded in May of this year. In the eurozone, unemployment reached an all-time peak of 11.1% in May, reflecting the recessionary trends that economists have reported in that region.
The OECD is calling on governments to use whatever tools are necessary to foster employment growth.
“The recent deterioriation in the economic outlook is very bad news for the labor market,” said OECD Secretary-General Angel Gurría. “It is imperative that governments use every possible means at their disposal to help jobseekers, especially young people, by removing barriers to job creation and investing in their education and skills. The young are at most risk of long-term damage to their careers and livelihoods. Targeting the most cost-effective policies is essential.”
