America is hardly the only developed nation experiencing exceptionally slow labor market recovery. Figures compiled by the Organization for Economic Cooperation and Development indicate that by the end of last year, only Germany and Japan had jobs for as high a percentage of their respective working age populations as they did at the end of 2007.
As reported in the New York Times, in the US, nearly 72 percent of people between the ages of 15 and 64 had a job at the end of 2007. More recently, that figure has remained below 68 percent. In fact the US experienced the largest decline in the employment rate of any nation belonging to the Group of 7 industrialized nations since 2007. America’s pace of recovery has picked up recently, however.
Among the world’s seven most developed nations, Germany has emerged as the clear leader in terms of labor market recovery. The percentage of young men their with jobs is almost precisely the same as it was at the end of 2007. Women are now more likely to be employed. In Japan, a higher proportion of women are working than was the case in 2007, but men are less likely to be employed.