OECD unemployment rate stable at 7.9% in October

The OECD unemployment rate stood at 7.9% in October 2013, unchanged from the two previous months, latest report revealed.

Across the OECD area, 47.8 million persons were unemployed in October 2013, 13.1 million more than in July 2008, the latest report from the Paris-based think tank revealed.

In the euro area, the unemployment rate decreased by 0.1 percentage point to 12.1% in October, the first decline since February 2011.

“This mainly reflected a decline in the unemployment rate in France for the first time since March 2011 (by 0.2 percentage point to 10.9%) while unemployment rates remained unchanged in Germany and Italy, at 5.2% and 12.5%, respectively, the report read.

The unemployment rate was instead stable in Japan (at 4.0%) in October and it decreased in Mexico (by 0.1 percentage point to 4.9%). In the United States, the unemployment rate increased (by 0.1 percentage point to 7.3%), but more recent data show that it decreased in November 2013 (by 0.3 percentage point to 7.0%), while it remained stable in Canada during the same period (at 6.9 %).

Also the OECD unemployment rate for youth was unchanged at a high 16.1%.

The youth unemployment rate reached a new peak in the Euro area (up 0.1 percentage point to 24.4%) and remained at a high level in Greece (up 0.3 percentage point to 58.0% in August, the latest month available), Spain (up 0.6 percentage point to 57.4%), Italy (up 0.7 percentage point to 41.2%), Portugal (up 0.3 percentage point to 36.5%) and the Slovak Republic (up 0.2 percentage point to 31.5%).

IMF chief Christine Lagarde has wanred that more needs to be done to fix Europe’s economic problems.

In a speech to the European Economic & Social Committee in Brussels, Lagarde said that Europe’s youth unemployment crisis was a sign that there is much more to be done.

Behind the positive headlines, she says, “there are clearly signs that all is not well” in Europe.

 

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