Unemployment forecast to rise across OECD countries

0 Comments | AFP, July, 2008

PARIS (AFP) — Industrialised countries should brace for a rise in unemployment this year and next, as financial market turmoil puts the brakes on growth and job creation, the OECD warned in a report on Wednesday.

Unemployment fell in 2007 across all OECD states except Portugal, Ireland and Mexico, with the average jobless rate sinking to 5.6 percent, its lowest level since 1980.

But according to the annual OECD Employment Outlook report, "the declining trend in unemployment in recent years is projected to reverse in 2008," across the 30 members of the Organization for Economic Cooperation and Development.

Average unemployment across the OECD is set to rise in 2008 to 5.7 percent, climbing back up to six percent in 2009, the same rate as 2006, it said....