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OECD region jobless rate climbs to 8.6% in August

Last Updated: Monday, October 12, 2009 - 20:44

Paris/New Delhi: Reflecting a strained labour market even as signs of economic recovery are rising, the unemployment rate in the OECD region rose to 8.6 per cent in August.

The Organisation for Economic Co-operation and
Development (OECD) -- a grouping of nations mainly rich ones
-- has seen the jobless rate rise marginally in August from
the previous month.

"The unemployment rate for the OECD area was 8.6 per cent
in August 2009, 0.1 percentage point higher than the previous
month and 2.3 percentage points higher than a year earlier,"
the OECD said in a statement today.

Even as the global economy is on the revival path, the
employment scenario continues to look grim as many companies
are still cutting jobs to bring down costs.

Euro zone -- the 16 nations that share the common
currency euro -- Japan and the US are also part of the OECD.

The Euro zone`s jobless rate shot up to a ten-year high
of 9.6 per cent in August while that of the US spiralled to a
26-year-high of 9.8 per cent in September.

However, in the case of Japan, the labour market strains
seem to be easing, as that country`s unemployment rate fell
marginally to 5.5 per cent in August.

In signs that economic recovery is round the corner, the
American GDP shrank less than expected at 0.7 in the June
quarter, while Japan, Germany and France have exited
recession.

Bureau Report

First Published: Monday, October 12, 2009 - 20:44
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