Record low jobless rate stable in October: OECD

Unemployment remained stable at a record low of 4.9% in October, according to the Organization for Economic Cooperation and Development (OECD).

The unemployment rate slipped by 0.1 percentage points in the euro area to 6.5% in the month, its lowest level on record, the Paris-based group reported. The rate was stable or decreased in more than 80% of euro-area countries.

Outside of Europe, trends were mixed. The jobless rate was stable in Canada, Japan, Korea and Mexico. By contrast, it increased in the U.S. and declined in Australia, Colombia and Costa Rica.

More recent data for November showed that the unemployment rate decreased slightly in Canada to 5.1% and was stable in the U.S. at 3.7%, the OECD noted.

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