Unemployment to Peak Near 10% in OECD Countries
Unemployment in OECD countries will continue to rise well into 2010, with the average jobless rate approaching 10%, up from 7.8% in April, according to new OECD projections.
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.
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