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- Unemployment rate in the developed countries declines to 7.0% in February
Unemployment rate in the developed countries declines to 7.0% in February
The Organization for Economic Cooperation and Development (OECD) released its unemployment rate figures on Monday. The unemployment rate in the developed countries decreased by 0.1% in February. "The OECD unemployment rate to 7.0 percent in February 2015, with a cumulative decline of 1.1 percentage points since the peak reached in January 2013," the OECD said.
The unemployment rate in Eurozone was 11.3% in February. The highest unemployment rate was recorded in Spain with 23%, while the U.S. unemployment rate was down to 5.5% in February, the lowest level since May 2008.
The youth unemployment fell to 14.3% in February, the lowest level since November 2008. The highest youth unemployment was in Spain with 50.7%, followed by Italy with 42.6% and Portugal with 35%.
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