The unemployment rate in the Organisation for Economic Co-operation and Development (OECD) countries declined to 6.9 per cent in November from 7.1 per cent in October, with workers returning to jobs as an economic recovery was underway, the latest data shows.
Overall 45.5 million people remained unemployed in the OECD, which includes a number of countries in the Euro area as well as the US, Australia, New Zealand, Japan, South Korea, the UK, Mexico and Canada, among others.
The unemployment rate, however, remains 1.7 percentage points above the level observed in February before Covid-19 hit the labour market, according to the Paris-based organisation.
“In November, the unemployment rate in the euro area decreased to 8.3 per cent, from 8.4 per cent in October, but remained 1.1 percentage points above its February level,” the OECD said on Wednesday.
“Declines of 0.3 percentage point or more were observed in Finland, Italy, the Netherlands and Portugal, while increases of 0.2 percentage point or more were registered in France, Ireland and Spain.”
The rate of decline is faster among women than men as well as among youth, aged between 15 to 24 and people above 25 years of age, the OECD said.
In the US and Canada, the unemployment rate in November fell by 0.2 and 0.4 percentage points to 6.7 per cent and 8.5 per cent respectively.
The unemployment rate also fell in Japan to 2.9 per cent from 3.1 per cent in October but remained higher than in February by 0.5 percentage point. It fell to 15.5 per cent in Colombia from 16.3 per cent in October. Marginal declines were also observed in Mexico and South Korea.
The US has about 10.7 million unemployed people, while in the European Union the number is about 15.9 million. Canada had 1.7 million unemployed people as of November.
The coronavirus pandemic has disrupted global trade and pummelled air travel since its outbreak. As of Wednesday, global infections surpassed 92.1 million with more than 1.97 million deaths, according to Worldometer, which tracks the pandemic. Recoveries stand at 65.9 million.
The global economy is expected to grow this year as countries roll out vaccination programmes to contain the pandemic. The OECD expects the global economy to expand 4.2 per cent in 2021 and 3.7 per cent in 2022.
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Meydan race card
6.30pm: Maiden; Dh165,000; (Dirt) 1,200m
7.05pm: Handicap; Dh170,000; (D) 1,200m
7.40pm: Maiden; Dh165,000; (D) 1,900m
8.15pm: Handicap; Dh185,000; (D) 2,000m
8.50pm: Handicap; Dh185,000; (D) 1,600m
9.25pm: Handicap; Dh165,000; (D) 2,000m
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
