Jobless rate in rich counties rose in Feb.: OECD


The Organization for Economic Cooperation and Development (OECD) says the rate of unemployment in its member countries rose slightly in February.

The OECD, which monitors economic data for 34 developed countries, said on Wednesday the unemployment rate for the countries rose to 7.6 percent from 7.5 percent in January.

The organization also said the number of people without jobs increased to 46 million from 45.8 million in the same period.

The increase, due largely to rises in the United States and some eurozone countries, is a setback for the global economic recovery after three straight months of decline in the 34 economies.

In the United States, the unemployment rate rose by 0.1 points in February to 6.7 percent, after falling for three months.

The OECD said the economic outlook for many advanced countries is still positive despite the setback.

The high rates of unemployment remain one of the main legacies of the financial and debt crises in the eurozone.

Europe plunged into a financial crisis in early 2008. The worsening debt crisis has forced the European Union governments to adopt harsh austerity measures and tough economic reforms.


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