DUBLIN — Unemployment among the member countries of the Organisation for Economic Co-operation and Development (OECD) fell to 6.9 per cent in November, the group’s secretariat reported on Wednesday. That is down from 7.1 per cent the month before, but still 1.7 percentage points above pre-pandemic levels. Overall, 45.5 million people were listed as unemployed across the OECD’s 37 member states in November, 10.7 million more than in February, the last month before governments imposed widespread restrictions in response to the novel coronavirus pandemic. The OECD said that unemployment among the eurozone countries decreased slightly from October to November, from 8.4 to 8.3 per cent, after month-on-month joblessness fell in Finland, Italy, the Netherlands and Portugal, but increased in France, Ireland and Spain.
JAKARTA — As hundreds of millions of Asians enjoy higher living standards in the move from lower to middle class, a warning of the trend’s sustainability came this month from Europe, where middle class expansion has stalled. The Organization for Economic Co-operation and Development (OECD), a Paris-based club that includes most of the world’s wealthiest nations, reported that many of its member states have “seen their standard of living stagnate or decline, while higher income groups have continued to accumulate income and wealth.” The middle class crisis in the West means disappointment for those who hoped that standards of living would continue to improve, as was the case for their forbears during the four or five decades after World II. But more recent times have seen the top 10% of earners’ share of total wealth rocket to nearly half the national average — findings contained in a new OECD report, Under Pressure: The Squeezed Middle Class, that in turn paints a grim picture for the third of member state populations described as “economically vulnerable.”