How big is the Jobs-Gap?
from Edward Fullbrook
On 7 July 2010 the OECD Factblog http://blog.oecdfactblog.org/?p=5 reported that:
By the end of 2011, OECD countries will need to create 15 million new jobs just to get employment levels back to where they were before the crisis hit.
The report included the following graph.
The report then added:
Unfortunately, that’s only half the story. Include people who have stopped looking for work and part-timers who would like to work full-time, and the true numbers for unemployment and under-employment throughout the OECD area are nearly twice as high as headlines suggest.
But elsewhere on the same day, 7 July 1010, the OECD reported on its website http://clickcop.com/clickcop.cgi/110111A/http/www.oecd.org/document/9/0,3343,en_21571361_44315115_45602953_1_1_1_1,00.html that:
Today’s “jobs gap” varies widely between countries: in the United States nearly 10 million jobs need to be created. In Ireland, 318 000 jobs are needed to return to pre-crisis levels, that is one job for every 5 existing jobs today. Spain has lost 2.5 million jobs since the end of 2007.
Altogether, there are 47 million unemployed in the OECD area today. But taking into account people who have given up looking for work or are working part-time but want to work full-time, the actual number of unemployed and under-employed in OECD countries could be about 80 million, according to the Outlook.