OECD jobless rate remains at historic low in March

By Tuba Ongun

ANKARA (AA) – The unemployment rate in the Organization for Economic Cooperation and Development (OECD) area was stable at a historic low for the third month in a row with 4.8% in March, the international group said on Friday.

The number of jobless people dropped slightly from a month ago, reading 33.1 million as of March, according to the Paris-based organization.

The figure was at or close to its record low in only eight countries, including Canada, France, Germany, and the US.

The OECD unemployment rates for women and men were broadly unchanged at 5% and 4.6%, respectively.

The youth unemployment rate for people age 15-24 slowed to 10.5% in March, the lowest level since 2005.

The largest declines in the unemployment rate for younger workers were seen in Austria, Denmark, Greece, Latvia, and Sweden.

In March, the jobless rate in the euro area was also at a record low of 6.5%.