The number of unemployed people in the Organisation for Economic Co-operation and Development (OECD) area has dropped back from a high of 8.6 per cent recorded in November.

Latest figures from the Paris-based body show a dip in joblessness between December and January of 0.1 percentage point to 8.4 per cent, or 45.4 million people.

This marks the second consecutive drop in the number of individuals out of work across OECD member states following a 0.1 percentage point drop between November and December, with the total standing 1.8 million lower year-on-year in January.

Figures on the harmonized unemployment rates of the OECD nations also demonstrate several nations registered declines in January and latest data from the US reveals a further 0.1 point fall in February to 8.9 per cent, while Canadian joblessness remained steady at 7.8 per cent.

In addition, France and Germany witnessed drops in those out of work, as well as Belgium, the Czech Republic, Luxembourg and Mexico.

Meanwhile, the OECD has released a new report on the UK economy, which concludes that the recovery will be slow, but the government structural reform programs should be adhered to in order to generate long-term gain.

Posted by Lee Thrace