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OECD: unemployment

THE Organisation for Economic Cooperation and Development (OECD) provided fresh signs yesterday that the unemployment situation in the world’s major economies is starting to improve.

The organisation, which represents 31 of the world’s most advanced economies, said that the jobless rate remained at 8.8 per cent, stable on the previous month but still 2.1 percentage points up on the year.

There is plenty of variation within the OECD’s labour markets. Both the US and the Eurozone experienced jobless rates of 10 per cent, while Japan’s rate was just 5.2 per cent.

But the international body still expects unemployment to peak at nine per cent in 2010 before improving to 8.8 per cent in 2011.