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OECD region sees 45.5 mn unemployed in Aug

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Press Trust of India London
Last Updated : Jan 21 2013 | 5:24 AM IST

As many as 45.5 million people were without job in August in the Organisation for Economic Cooperation and Development (OECD) region, reflecting sluggish labour market conditions in mostly developed nations.

However, the unemployment rate in the OECD region, the grouping of mostly developed countries, marginally slipped to 8.5 per cent during the same period.

The OECD comprises 33 countries, including the Germany, the UK, Canada, France and the US.

"In August 2010, unemployment in the OECD area fell slightly to 8.5 per cent (from 8.6 per cent in July) ... The number of unemployed persons in OECD countries stood at 45.5 million," the Paris-based OECD said today.

In a statement, the grouping noted that unemployment rate continues to remain close to "post-war highs".

Despite massive stimulus measures, many advanced economies, including the US, are continuing to grapple with fragile recovery as well as sluggish labour market.

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The data does not include figures from OECD's three new members -- Chile, Slovenia and Israel.

Among the member nations, August jobless rate was the highest in Spain at 20.5 per cent, followed by Slovak Republic (14.6 per cent) and Ireland (13.9 per cent).

The lowest unemployment rate was recorded in South Korea at 3.4 per cent.

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First Published: Oct 12 2010 | 7:16 PM IST

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