The Organization for Economic Cooperation and Development (OECD) released a report today noting that while the US economy is recovering, it is doing so at a slower pace than originally expected. This “soft” recovery means that unemployment will remain elevated for a longer time period than predicted earlier.
“During the 2007-2009 recession, unemployment rose for 2-1/2 years before peaking in the fourth quarter of 2009 at 10 percent of the labor force, suggesting that it could be early 2013, at best, before the rate returns to its pre-recession level,” the Paris-based group said.
Source: Reuters
