OECD unemployment rate stable at 6.3 % in July 2016

OECD unemployment rate stable at 6.3 % in July 2016

The OECD unemployment rate was stable for the second consecutive month, at 6.3%, in July 2016. This was 1.8 percentage points below the January 2013 peak. Across the OECD area, 39.1 million people were unemployed, 9.9 million less than in January 2013, but still 6.4 million more than in April 2008, before the crisis started affecting the labour market

The unemployment rate in July was also stable in the euro area, at 10.1% for the fourth consecutive month. Within the euro area, unemployment rates fell most in Spain (by 0.3 percentage point, to 19.6 %) and Italy (by 0.2 percentage point, to 11.4 %). By contrast, the unemployment rate for France increased by 0.2 percentage point, to 10.3 %.

OECD

The unemployment rate in July decreased by 0.1 percentage point in Japan (to 3.0 %) and Mexico (to 3.8 %), while it was stable in the United States (at 4.9 %), and rose by 0.1 percentage point in Canada (to 6.9 %). More recent data show that in August, the unemployment rate remained at the same level in the United States while it continued to increase in Canada (by 0.1 percentage point to 7.0 %).

The broad stability in unemployment rates observed for the OECD as a whole holds across all the main population groups. The OECD unemployment rate for men (stable at 6.2 %) remained lower than the rate for women (down 0.1 percentage point, to 6.4 %), while that for youth (people aged 15 to 24), at 13.1 % (up 0.1 percentage point), was still more than twice the overall unemployment rate.


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