Two years into the recovery from the financial and economic crisis, OECD economies have resumed generating jobs at a sufficient pace to start making a dent in the large numbers of the unemployed who lost their jobs or failed to find one during the crisis. The number of
people unemployed in OECD countries reached a peak of 47.5 million in the fourth quarter of 2009, but by June 2011 had declined to 44.3 million, still some 13.2 million higher than just prior to the crisis. And the OECD harmonised unemployment rate had
fallen to 8.2% in June 2011, down 0.6 of a percentage point from its post‐war high of 8.8% in October 2009.