20 September 2010 19:27 [Source: ICIS news]
WASHINGTON (ICIS)--The ?xml:namespace>
In its 2010 survey of the
The OECD was formed in the wake of World War II to advance democracy and market growth among nations with co-operation, analysis and policy research. Its 33 member nations are chiefly the industrialised countries of Europe, North America and Asia, but also include
OECD Secretary-General Angel Gurria noted that while the
“It is becoming increasingly clear that the [
“We don’t see a risk of a double-dip recession,” Gurria said.
“That said, we don’t see a recovery that is strong enough to put a significant dent in unemployment," he added.
The US Commerce Department recently revised downward the nation’s second-quarter growth rate in GDP, lowering the pace of expansion for the quarter to 1.6% from the initial estimate of 2.4%.
The OECD analysis said that “
In its analysis, the OECD said it expected the
The US Department of Labor (DOL) reported earlier this month that the nation’s unemployment rate rose in August, edging up to 9.6% from the 9.5% jobless rate that had held steady in June and July after declining from the 10.1% peak seen in October 2009.
The OECD analysis forecast that
The analysis also warned that a
“The current high level of long-term unemployment - 4.25% of the labour force has been unemployed more than half a year - is a particular concern,” said OECD analysts.
“The risk is that part of this upsurge in unemployment may not be fully absorbed during the ensuing recovery, resulting in a permanently higher level of unemployment,” the study said.
The outlook also expressed concern about the increasing
“Fiscal consolidation measures need to be implemented to substantially reduce the deficit and eventually reverse the rise in public debt,” the OECD said.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections