The Organization for Economic Co-operation and Development (OECD), an intergovernmental group of developed countries, on Wednesday claimed that the unemployment rate across its 36-member countries, was at an all-time low level, standing at 5.1% in August.
The OECD reported that the unemployment rate showed downward monthly trend of 0.1% percentage point. The number of unemployed people totaled 32.9 million across the 36-member OECD countries, which are mostly high-income economies with a very high Human Development Index (HDI).
“In the euro area, the unemployment rate declined by 0.1 percentage point in August, to 7.4%, the same level as in April 2008, just before the financial crisis. The largest decline was observed in Italy (down 0.3 percentage point, to 9.5%) and Portugal (down 0.2 percentage point, to 6.2%),” the data said.
The lowest figure was seen in Czech Republic with 2.0% in August, while the highest rate was recorded in Greece — 17.0% in June, according to the latest monthly data available.
In the major seven economies — Canada, France, Germany, Italy, Japan, the U.K., the U.S. — the unemployment rate was 4.2% over the same period.
The OECD figures also revealed that the youth unemployment rate — people aged 15 to 24 — was stable at 11.2% across the organization in August. It, however, remained above 25% in Greece, Spain and Italy.
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