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OECD Measures Unemployment at 8.5 percent Across Surveyed Countries

The Organisation for Economic Co-operation and Development (OECD) found that unemployment across its global survey area dropped to 8.5 percent in August from 8.6 percent in July. The unemployment rate now seems to be holding across OECD countries.

In the latest unemployment information from September, Canada's unemployment had dropped 0.1 percent to 8 percent, and the U.S. unemployment rate held steady at 9.6 percent.

Spain recorded the highest unemployment rate of 20.5 percent. The Slovak Republic, Ireland, Hungary, and Portugal also had high unemployment rates of 14.6 percent, 13.9 percent, 10.9 percent, and 10.7 percent, respectively. Korea had the lowest unemployment rate of 3.4 percent, followed by Austria with 4.3 percent and Holland with 4.5 percent.

The OECD recorded 45.5 million unemployed individuals across its surveyed countries in August, an increase of 13.4 million people from July 2008.

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