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Most G-7 Economies Still Struggling to Recoup Lost Jobs Most G-7 Nations Still Trying to Recoup Lost Jobs
(about 9 hours later)
MORE than six years after the Great Recession began, people in most industrialized countries are still less likely to be employed than they were before the downturn.MORE than six years after the Great Recession began, people in most industrialized countries are still less likely to be employed than they were before the downturn.
“The recovery in the labor market has been exceptionally show,” Janet L. Yellen, the chairwoman of the Federal Reserve, said in an appearance at the Economic Club of New York on Wednesday, as she explained why the Fed continues to seek to stimulate the American economy. “The recovery in the labor market has been exceptionally slow,” Janet L. Yellen, the chairwoman of the Federal Reserve, said in an appearance at the Economic Club of New York on Wednesday, as she explained why the Fed continues to seek to stimulate the American economy.
Figures compiled by the Organization for Economic Cooperation and Development that were released this week show that the United States is not the only nation experiencing a sluggish recovery in its labor market. By the end of 2013, among the major industrialized countries, only Germany and Japan had jobs for as high a percentage of the working-age population as they did at the end of 2007.Figures compiled by the Organization for Economic Cooperation and Development that were released this week show that the United States is not the only nation experiencing a sluggish recovery in its labor market. By the end of 2013, among the major industrialized countries, only Germany and Japan had jobs for as high a percentage of the working-age population as they did at the end of 2007.
In the United States, 71.6 percent of people from the age of 15 to 64 had a job at the end of 2007, the O.E.C.D. said, while only 67.8 percent were employed at the end of the first quarter of this year.In the United States, 71.6 percent of people from the age of 15 to 64 had a job at the end of 2007, the O.E.C.D. said, while only 67.8 percent were employed at the end of the first quarter of this year.
The United States has experienced the largest decline in employment rate of any country in the Group of 7 industrialized nations, but it has also rebounded more than most of those countries from the lows reached in 2010.The United States has experienced the largest decline in employment rate of any country in the Group of 7 industrialized nations, but it has also rebounded more than most of those countries from the lows reached in 2010.
The figures in the accompanying charts show the changes for men and women in three groups of working-age people. The first is people ages 15 to 24, many of whom are still in school, and the last is those ages 55 to 64, some of whom are retired. The middle group, ages 25 to 54, is the prime working-age group. Those over 64, who are counted in the working-age population in figures released by the United States government, are not included, although some of them, of course, are working.The figures in the accompanying charts show the changes for men and women in three groups of working-age people. The first is people ages 15 to 24, many of whom are still in school, and the last is those ages 55 to 64, some of whom are retired. The middle group, ages 25 to 54, is the prime working-age group. Those over 64, who are counted in the working-age population in figures released by the United States government, are not included, although some of them, of course, are working.
Germany is the clear leader in labor market recovery. The percentage of young men with jobs is virtually the same now as it was at the end of 2007, but all groups of women, as well as men in the prime and older groups, are more likely to be employed. In Japan, the proportion of people with jobs has risen, but only because more women have gone to work. The percentage of men with jobs has declined in all three age categories.Germany is the clear leader in labor market recovery. The percentage of young men with jobs is virtually the same now as it was at the end of 2007, but all groups of women, as well as men in the prime and older groups, are more likely to be employed. In Japan, the proportion of people with jobs has risen, but only because more women have gone to work. The percentage of men with jobs has declined in all three age categories.
Among the hardest-hit economies are Greece and Ireland. In both, only 71 percent of prime-age men had a job at the end of 2013, compared with 92 percent in Japan, 88 percent in Germany and 83 percent in the United States. Countries with relatively low proportions of prime-age women working outside the home include Greece, at 51 percent, and Italy, at 58 percent. In Austria, Norway and Sweden, more than 80 percent of prime-age women have a job.Among the hardest-hit economies are Greece and Ireland. In both, only 71 percent of prime-age men had a job at the end of 2013, compared with 92 percent in Japan, 88 percent in Germany and 83 percent in the United States. Countries with relatively low proportions of prime-age women working outside the home include Greece, at 51 percent, and Italy, at 58 percent. In Austria, Norway and Sweden, more than 80 percent of prime-age women have a job.
Many European countries have had relatively low retirement ages, and some governments have sought to extend working lives, in part to reduce government spending on pensions. In the euro zone excluding Germany, the proportion of both men and women ages 55 to 64 with jobs has risen substantially since 2007 but remains well below the employment rates of the same group in other major countries, including the Britain, Japan and the United States. Many European countries have had relatively low retirement ages, and some governments have sought to extend working lives, in part to reduce government spending on pensions. In the euro zone excluding Germany, the proportion of both men and women ages 55 to 64 with jobs has risen substantially since 2007 but remains well below the employment rates of the same group in other major countries, including Britain, Japan and the United States.