17 million jobless for more than a year: OECD

17 million people are without a job for more than a year in the developed world: OECD

Written by Press Trust Of India | London | Published:October 21, 2013 4:16 am

Reflecting the severity of economic turmoil,a whopping 17 million people are without a job for more than a year in the developed world,according to the latest data available with Paris-based think tank OECD.

The estimates,based on numbers available till three months ended June this year,are for a grouping of 33 nations including the US and Spain.

The Organisation for Economic Cooperation and Development (OECD) is an umbrella entity of 34 countries. The latest estimates exclude Chile. According to data compiled by OECD,one in three of the unemployed people in the member nations have been out of work for more than 12 months at the end of June quarter.

“At 35.3 per cent of total unemployed,this is the highest level since the crisis began when long-term unemployment stood at 27 per cent.

“That represents nearly 17 million people,nearly double the number of long-term unemployed in Q4 2007,then around 8.6 million,” the grouping has said.

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