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OECD Area Jobless Rate Lowest On Record

The unemployment rate in the OECD reached its lowest level on record in August, data from the  Paris-based Organization for Economic Cooperation and Development said Wednesday.

The jobless rate fell to 5.1 percent in August, the lowest since 1998, from 5.2 percent in July.

At the same time, the unemployment rate for youth aged below 24 was stable at 11.2 percent in August.

The overall jobless rate in the euro area declined to 7.4 percent, the same level as in April 2008. The rate was stable at 2.2 percent in Japan and 3.7 percent in the United States.

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