The unemployment rate among young people (between 15 and 24 years) in the OECD (Organisation for Economic Cooperation and Development) fell 2.5 percentage points in February, compared to the same month last year, reaching 14.3%, the lowest since November 2008.
The organization, which covers 34 countries around the world, announced on Monday the global data on unemployment and concluded that despite the average decline, the youth unemployment rate remains “exceptionally high” in several eurozone countries such as Portugal (35%), Greece (51.2%, December data, the latest available), Italy (42.6%) and Spain (50.7%).
In February, the rate of overall unemployment fell 0.1 percentage points from the same month of 2014, to 7%, with a cumulative decline of 1.1 percentage points from the peak in January 2013. Among the countries of the OECD, there are 42, 9 million people without work, six million less than in January 2013, indicates the organization.
Given only the unemployment rate in the euro area countries, there was a slight decrease of 0.1 percentage point to 11.3%, 0.8 points below the highest peak, reached in April 2013. The largest increases were registered in Finland, Portugal and Italy.
In the US, the unemployment rate fell to 5.5%, the lowest since May 2008. In Japan, the reduction was 0.1 percentage points to 3.5%. At the same time, Canada increased by 0.2 point to 6.8%. The OECD indicates that more recent data show that there was a stabilization in unemployment in the US and Canada.
Recently, Eurostat realized that Portugal recorded in February, an unemployment rate of 14.1%, above the European average. Also the National Statistics Institute (INE) released the unemployment figures in February, realizing an increase of 0.3 percentage points compared to January and a decline of 0.8 points compared to February last year to 14.1 %. The unemployed population in Portugal was 719 thousand people.
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