OECD unemployment rate stable at 4.9 per cent in March 2024

In March, the unemployment rate was unchanged in 22 OECD countries, increased in eight countries, and declined in two countries. Notably, nine OECD countries reported an unemployment rate more than 2.5 percentage points above their record lows, with Denmark, Estonia, Luxembourg, and Spain experiencing the largest gaps, OECD said in a news release.

The total number of unemployed persons in the OECD rose to 34.2 million in March from 33.9 million in February, primarily driven by an increase in unemployed women. The unemployment rate for women climbed to 5.3 per cent, 0.7 percentage points higher than the rate for men, which remained broadly stable. The disparity was evident in the European Union (EU), the euro area, and 20 OECD countries, with the largest gaps observed in Colombia, Greece, and Turkiye.

Youth unemployment (aged 15-24) and unemployment among workers aged 25 and above remained stable in March 2024. However, the youth unemployment rate hovered close to or above 20 per cent in 11 OECD countries and increased in 15 countries, with significant rises in Finland, New Zealand, and Sweden, each experiencing increases of more than 1 percentage point.

In the EU and the euro area, unemployment rates held at record lows of 6s per cent and 6.5 per cent, respectively, in March 2024. Stability or increases in unemployment rates were seen in most OECD euro area countries, except for Greece and Italy, which recorded decreases.

Outside Europe, unemployment rates were mostly stable or increased in March 2024, with the largest rises noted in Canada and Colombia. The unemployment rates in Canada and the US were estimated to remain broadly stable in April 2024, at 6.1 per cent and 3.9 per cent, respectively.

Fibre2Fashion News Desk (DP)