The unemployment rate in the developed countries which are Organization for Economic Cooperation and Development members was down 0.1 percent in February, according to statement from the organization on Monday.
“The OECD unemployment rate to 7.0 percent in February 2015, with a cumulative decline of 1.1 percentage points since the peak reached in January 2013,” the statement said.
Currently there are 42.9 million jobless people in OECD member states, which is 6 million less than a year earlier.
The unemployment rate in Eurozone was 11.3 percent in February according to report.
Among the OECD member states, the highest unemployment rate was recorded in Spain with 23 percent while Japan's unemployment rate dropped 0.1 percentage point to 3.5 percent.
The unemployment rate in February also fell in the United States by 0.2 percentage points to 5.5 percent, its lowest level since May 2008.
The report indicates that youth unemployment continue to pose a serious challenge.
The highest youth unemployment was in Spain with 50.7 percent. Spain was followed by Italy with 42.6 percent and Portugal with 35 percent.