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The OECD unemployment rate decreased to 8.0% in February 2013, compared with 8.1% in the previous month. The unemployment rate in the euro area was stable (at 12.0%) in February, but still 1.1 percentage point higher than its mid-90’s peak.
Composite leading indicators (CLIs), designed to anticipate turning-points in economic activity relative to trend, point to growth picking up in most major economies.
Real GDP in the OECD area fell 0.1% in the fourth quarter of 2012, compared with growth of 0.3% in the third quarter. Destocking was the main driver, dragging down growth by 0.3 percentage point.
Consumer prices in the OECD area rose by 1.8% in the year to February 2013, compared with 1.7% in the year to January 2013. This slight increase in the annual rate of inflation masks opposing movements in energy and food prices.