Down, Down, Down: Despite Some Job Growth, ‘Advanced Economies’ Will See High Unemployment For Another Two Years

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The recession’s reach will affect unemployment through 2011, the International Monetary Fund reported today in its World Economic Outlook (WEO).

The report predicts that job growth will return in “many” advanced economies in 2010, but that unemployment will remain high until the end of 2011.

The IMF also suggests that “targeted and temporary hiring subsidies” in countries where productivity remains strong but the economy is still uncertain could help job creation…sounds like the HIRE act?

Anyway, we are very sorry for bringing you more bad news (Two more years of this crud? And we can’t escape it by moving overseas?), but them’s the breaks.