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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
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To: TobagoJack who wrote (91825)6/24/2012 1:07:49 PM
From: Haim R. Branisteanu  Read Replies (2) of 217553
 
BIS Warns Unemployment Might Stay High In Spain, Ireland and US
24-Jun-2012

By Todd Buell
The U.S., Spain and Ireland could all face a lengthy period of high unemployment due to structural imbalances, the Bank for International Settlements warned in its Annual Report published Sunday.
The Basel-based bank said a sharp economic downturn coupled with sectoral imbalances represent "the worst possible mix for labor market developments in the coming years...[this] is the prospect that Ireland, Spain and the United States now face."

In Spain, unemployment is near 25%, while in Ireland it sits at slightly over 14%. In the U.S, the most recent survey showed unemployment was at 8.2% in May. The relatively high number of people looking for work in the U.S. is shaping up to be a major issue in President Barack Obama's bid for re-election in November.
The bank said all three countries experienced an unbalanced downturn followed by a weak recovery. The tepid rebound explains why unemployment has remained so high in these countries, the bank said.

"Looking forward, this combination of large sectoral imbalances and a tepid recovery could set the scene for a prolonged period of high unemployment," the BIS wrote.

Write to Todd Buell at: todd.buell@dowjones.com
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