Economy

Unemployment rates falling in developed nations: OECD

PTI London | Updated on April 12, 2011


Overall unemployment levels are slowly declining in many of the developed countries, probably a first of its kind trend since the 2008 financial meltdown.

Latest data from the Paris-based Organisation for Economic Cooperation and Development (OECD), a grouping of mostly developed nations, showed that jobless rate in the region slipped to 8.2 per cent in February - the fourth consecutive monthly decline.

The member nations of the OECD, that includes the US, Germany and France, account for over 60 per cent of global economy.

In January, OECD region registered an unemployment rate of 8.3 per cent. Throughout most of the last year, this area had witnessed a jobless rate of around 8.5 per cent.

“The February data show, for the first time since the recent financial crisis, a pattern of declining or steady unemployment rates for the majority of OECD countries,” OECD said in a statement today.

“The unemployment rate fell in the euro area to 9.9 per cent, the first time back into single digits since December 2009,” it added.

According to OECD, Austria, Korea, Mexico and Spain were the only countries seeing rise in jobless rates.

Published on April 12, 2011

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