Unemployment in OECD countries holds steady at 8.6%

| January 11, 2011 | 0 Comments

Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has today reported the number of unemployed in the 33-member OECD countries stood at 45.8 million in November.

The figure was down 0.3 million from November 2009 but almost 16 million higher than in November 2007.

The unemployment rate held steady at 8.6% in November, said the Organisation.

However, Germany, which is Europe’s largest economy, was the only country to report a lower unemployment rate in the month than in 2007.

Germany’s job market is much stronger than in many other countries and many believe it is the result of the “Kurzarbeit” scheme, introduced by the German Government, designed to prevent mass redundancies.

However, it noted that Spain continues to have the highest unemployment rate, currently just above the 20% mark, while the lowest rate is in South Korea at 3.2%.

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