OECD unemployment rate steady in July ’24

The OECD unemployment rate remained steady at 5.0 per cent in July 2024, with 34.8 million people unemployed across its member countries.

While unemployment was unchanged in 16 OECD countries, it declined in nine and rose in seven. Six countries recorded rates below 3.0 per cent, while Spain was the only one with a double-digit rate.

In the European Union and euro area, unemployment stayed at record lows of 6.0 per cent and 6.4 per cent, respectively. Japan and the United States saw increases in unemployment, while Colombia and Israel experienced the largest drops. In August, Canada’s unemployment rate rose to 6.6 per cent while the US rate remained at 4.2 per cent.

Unemployment rates for men and women in the OECD were stable at 4.9 per cent and 5.2 per cent, respectively, with women’s unemployment higher in the OECD, EU, and euro area.

However, in 55 per cent of OECD countries, men’s rates exceeded women’s, with Finland and Latvia showing the largest gaps favouring women.

The youth unemployment rate remained at or above 20 per cent in 10 countries, increasing by more than 1.0 percentage point in Czechia, Finland, Hungary, Sweden, and Turkey.

Attribution: OECD

Subediting: M. S. Salama