Unemployment in OECD countries hits 45.5m

| October 12, 2010 | 0 Comments
’Unemployment

Influential think tank, the Organisation for Economic Co-operation and Development (OECD) has today said the number of unemployed in the 33-member OECD countries hit 45.5 million in August.

The Paris-based organisation said the jobless rate in August for the area was 8.5%, falling from 8.6% in July.

A statement from the Organisation noted that the OECD unemployment rate remained close to post-war highs.

However, the OECD highlighted that the jobless rate is back to levels seen in August 2009 and has “stabilised”.

However, it noted that Spain has the highest unemployment rate, currently just above the 20% mark, while the lowest rate is in South Korea at 3.4%, followed closely behind at 4.3% is Austria.

Last month, the OECD said the global economic recovery is slowing faster and revised its growth forecast downwards for the G7 leading economies.

However, at the time, the think tank said a return to recession is unlikely but “great uncertainty” remains.

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