OECD unemployment rate climbs to 8.8 pc in Oct



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 economic growth.

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 October.

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.

PTI