David Mann, Head of Americas Global Research at Standard Chartered Bank, says unemployment will remain high through 2012. "This is the worst recovery in employment in post world war two history," Mann told CNBC.
"In fact, we have not even come close to recovering from the actual losses of jobs that we've seen through recession."
Mann doesn’t expect to see the jobless rate below 9 percent any time soon; instead, he sees continued weakness in the U.S. small and medium enterprises (SMEs) that account for 82 percent of employment.
"If you don't have the credit being extended to the SME sector, you're not going to get strong growth in that area and you won't get strong employment," says Mann.
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According to Mann, employers are unable to find candidates with the right talent for open positions because many of the unemployed lack the requisite skills for available jobs.
“There are jobs out there, the problem is that it's again skill mismatch as well,” Mann says.
“The longer that you're out of a job, the harder it is to get back into it again, the skills that you would have learned on the job you don't learn; the skills you did have, you start to forget about them.”
Mann also blames entitlement programs such as unemployment benefits, which he believes depress motivation in American job seekers.
"If you know that you're going to have to be finding something because your benefits will run out very quickly, it is an extra incentive to really go out and find the jobs," he says.
Tradingeconomics.com reports that Thailand, Singapore, Malaysia and Vietnam all have unemployment rates at or below 3 percent, ranking them in the top six of 67 countries charted by unemployment rates.
The current U.S. unemployment rate of 9.2 percent puts it near the bottom.
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