OECD unemployment rate climbs to 8.8 pc in Oct
London: The jobless rate in the OECD region
-- a grouping of developed and developing nations -- rose
marginally to 9.8 percent in October, indicating that the
labour market is yet to shrug off recession blues.
The Organisation for Economic Cooperation and Development
(OECD), comprising 30 countries including the US, Germany and
France, has been hit by the global financial turmoil.
In a statement today, OECD said the unemployment rate for
the area was 8.8 percent in October, 0.1 percentage point
higher than the previous month. In September, the same stood
at 8.7 percent.
Many of the OECD members had slipped into recession --
generally defined as two consecutive quarters of negative
The euro zone -- a grouping of 16 nations sharing the
common currency euro -- the jobless rate stood at 9.8 percent
in October. Euro area is also part of the OECD.
Japan saw an unemployment rate of 5.1 percent in
Millions of jobs have evaporated worldwide since the
financial crisis erupted in late 2008, as companies slashed
their workforce, mainly to cut down on costs.
Nonetheless, latest data showed that jobless rate slipped
to ten per cent in the US in November. In the previous month,
the unemployment rate had touched a 26-year-high of 10.2 percent.
More from India
More from World
More from Sports
More from Entertaiment
- Will appoint nodal officer for Kashmiris: Rajnath Singh
- DNA: Analyzing ground reality of life of poor and vagrant people in India
- DNA: Analysis of press conference between Rajnath Singh and Mehbooba Mufti on Kashmir violence
- DNA: Analysis of India's weaknesses in new inventions and discoveries
- DNA: Prasoon Joshi's hard-hitting poem depicting society's mentality towards females
- Tillakaratne Dilshan to retire from international cricket after 3rd ODI, two T20Is against Australia
- Stand by what I said about RSS, will never stop fighting its hateful agenda: Rahul Gandhi
- Mercedes to have petrol option for all models in India by September
- Battled empty seats at Olympics but Rio organisers witness record as 133,000 tickets get sold in 1 day for Paralympic Games
- PM Narendra Modi's brother raises arrest of dhaba owner with Indore police chief