OECD unemployment rate rises in October 2011

World Economic outlook - OECD unemployment rate rises in October 2011 ; The OECD area unemployment rate rose slightly to 8.3 percent in October, compared to 8.2 percent in September, the Paris-based Orgnization for Economic Cooperation and Development said Tuesday.

The euro area unemployment rate rose by 0.1 percentage point to 10.3 percent in October, the highest rate recorded since the global financial crisis.

Country by country, the Netherlands and Spain both registered strong increases of 0.3 percentage point to 4.8 percent and 22.8 percent respectively. Spain's rate now stands 14.9 percentage points higher than its previous low of 7.9 percent in July 2007.

By contrast, in Germany the unemployment rate fell by 0.2 percentage point to 5.5 percent, continuing a sustained decline seen since the 8.0 percent peak in mid-2009.

New unemployment rate data for November 2011 show a decline of 0.4 percentage point in the United States to 8.6 percent and a small increase for the second consecutive month in Canada, up by 0.1 percentage point to 7.4 percent.

Across the OECD area, around 45.1 million people were unemployed in October, down 1.5 million from a year earlier but still 14.1 million higher than in October 2007.

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