OECD: Jobless rate dips in rich countries

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Jobless1 . File photo: Simphiwe Mbokazi.

Paris - The unemployment rate across rich countries dipped by one-tenth of a percentage point to 7.8 percent in November last year, the OECD said on Tuesday.

The improvement was due to drops in the unemployment rate in Israel, Korea, Mexico, and the United States.

It held steady in the eurozone, Canada and Japan, the Organisation for Economic Cooperation and Development said.

The lowest unemployment rate was in Korea, with 2.9 percent of the active population out of work, while it was highest in Spain at 26.7 percent.

Spain also had the highest youth unemployment rate of 57.7 percent.

A total of 47.1 million people unemployed means that the ranks of the unemployed are still up by more than one third or 12.4 million people from when the global financial crisis struck. - Sapa-AFP

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