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OECD unemployment rate remains stable in May

Staff Writer |
The unemployment rate in the Organization for Economic Cooperation and Development area remained stable in May, data showed Tuesday.

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The OECD said the jobless rate came in at 5.9% in May, the same rate as seen in April.

Across the OECD area, 36.8 million people were unemployed, 4.1 million more than in April 2008.

In the euro area, the unemployment rate held steady at 9.3%. The rate increased in Japan and Canada, to 3.1% and 6.6%, respectively.

Meanwhile, the US jobless rate fell slightly to 4.3% from 4.4%.

The OECD youth unemployment rate that applies to 15-24 age group dropped 0.1 percentage point to 12% in May. It fell by 0.6 percentage point to 8.8% in the US and was stable in the euro area at 18.9%.

More than one third of all youth remain unemployed in Greece, Spain and Italy.

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