MercoPress. South Atlantic News Agency

August OECD unemployment slightly down to 8.5%; in Spain, 20.5%

In practical terms 45.5 million people have lost jobs or are looking for one

As many as 45.5 million people were without job in August in the Organisation for Economic Cooperation and Development (OECD) region, reflecting sluggish labour market conditions in mostly developed nations.

However, the unemployment rate in the OECD region, the grouping of mostly developed countries, marginally slipped to 8.5% during the same period.

”In August 2010, unemployment in the OECD area fell slightly to 8.5% (from 8.6% in July) ... The number of unemployed persons in OECD countries stood at 45.5 million,“ the Paris-based OECD said.

In a statement, the organization noted that unemployment rate continues to remain close to ”post-war highs”.

Despite massive stimulus measures, many advanced economies, including the US, are continuing to grapple with fragile recovery as well as sluggish labour market.

The data does not include figures from OECD's three new members -- Chile, Slovenia and Israel.

Among the member nations, August jobless rate was the highest in Spain at 20.5%, followed by Slovak Republic 14.6%, Ireland 13.9%, Hungary 10.9% and Portugal 10.7%. The lowest rates were in South Korea at 3.4%, Austria 4.3% and the Netherlands 4.5%.

The number of unemployed in August, 45.5 million represents an increase of 13.4 million from July 2008.