Unemployment rate edges up to 8% in OECD countries in Oct

In October this year, the unemployment rate of the 34 Organisation for Economic Co-operation and Development (OECD) member countries increased by 0.1 percentage point compared to the previous month to eight percent, according to new figures published by the OECD.
 
In October this year, the unemployment rate for the euro area hit a new record high, up 0.1 percentage point month on month to 11.7 percent, maintaining an uninterrupted increase trend since June 2011. In October, the unemployment rate was 7.9 percent in the US, rising 0.1 percentage point month on month, while it was stable at 7.4 percent in Canada. According to November data, the unemployment rate fell by 0.2 percentage points both in the United States and in Canada to 7.7 percent and 7.2 percent respectively. In October, the unemployment rate in Japan also remained stable at 4.2 percent.
 
The highest unemployment rate in October was in Spain at 26.2, followed by Greece at 25.4 percent (in August), Portugal at 16.3 percent and Ireland at 14.7 percent all compared to the previous month. Meanwhile, in October the unemployment rate in Australia, Austria, Germany, Japan, South Korea, Luxembourg and Mexico remained below 5.5 percent, while the unemployment rate was at 5.5 percent in the Netherlands.