Unemployment rate in OECD decreased in October

The unemployment rate in the developed countries from the Organization for Economic Cooperation and Development (OECD) decreased in October by 0.1 percentage point to 6.2%. The index is 1.9 percentage point lower compared to the peak value in in January 2013. Overall for the OECD countries the number of unemployed is 38.8 million people, which is 10.2 million less than in January 2013. But compared to April 2008, before the global financial crisis, jobless people are 6.2 million more.

In Eurozone, the unemployment in October fell by 0.1 percentage point to 9.8%. With the highest rate unemployment during the month decreased in Austria (to 5.9%), France (to 9.7%), Ireland (to 7.5%), Latvia (to 9.5%) and Slovakia (to 9.1%).

In Canada and Japan, the unemployment rate in October does not change, remaining at 7% and 3%. In Mexico, the index decreased 0.3 percentage point to 3.6% and in the US by 0.1 percentage point to 4.9%. More recent data show that in November 2016 the unemployment rate declined further in the United States (by 0.3 percentage point) to 4.6%, while it also declined in Canada (by 0.2 percentage point) to 6.8%.

The OECD unemployment rate for youth (people aged 15 to 24) remained stable at 12.8% in October. It also remained stable in the Eurozone at 20.7%, with diverging developments across countries. While the youth unemployment rate decreased by 0.4 percentage point in Italy (to 36.4%), it increased by 0.7 percentage point in Spain (to 43.6%), following five consecutive months of decline, and by 0.4 percentage point in France (to 25.8%).

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