Migrants in OECD Labour Markets through the Crisis
The financial crisis, which started at the end of 2007, rapidly led to a major recession and has resulted in severe labour market slack. Starting from a 28‐year low of 5.8% in late 2007, the OECD unemployment rate rose to 8.8% in the fourth quarter of 2009, resulting in an 18 million increase in the number of persons unemployed (OECD, 2010a). Most recent evidence suggests that unemployment may have peaked at the end of 2009 in the United States and Japan and that initial projections, which predicted that the OECD unemployment rate would reach 10% at the end of 2010, may have been too pessimistic. Even so, the current economic crisis is comparable to the two deep recessions of the postwar period, in the 1970s and 1990s.
No Supplementary Data
No Article Media
Document Type: Review Article
Publication date: 2010-06-01