Unemployment in the OECD fell to 5.5% and marked seven consecutive months in decline

Unemployment in the OECD fell to 5.5% and marked seven consecutive months in decline

Among the 38 member countries, Spain (14.1%), Greece (13.4%) and Colombia (12.5%) are at the head with the highest rates of unemployed; while the Czech Republic (2.2%) and the Netherlands (2.7%) register the lowest numbers.

The rate still remains 0.5% above that registered in February 2020, before the start of the Coronavirus pandemic (when it reached a peak of 8.8% in April 2020).

Ten of the 38 member countries of the bloc (Australia, Chile, France, Italy, South Korea, Lithuania, the Netherlands, New Zealand, Portugal and Turkey) were at levels of unemployment below those of February 2020.

Currently 36.9 million workers in the organization’s area remain unemployed, 1.1 million less than in the previous month although 1.5 million more than before the pandemic; and women (5.8% unemployment) continue to be more affected than men (5.3%), although their level of unemployment fell one tenth in November.

Countries such as Turkey (14.5% of unemployed women against 9.6% of men), Spain (15.6% against 12.7%), Greece (17.7% against 9.7%) and Colombia (16, 5% against 9.7%), present the greatest divergences between both genders.

Similarly, the rate remains high in the case of young people aged 15 to 24, whose rate in November fell slightly from 11.9% to 11.8% (0.3% above the pre-pandemic level).

In countries such as Greece, Spain, Italy and France youth unemployment is more than double the general average with 39.1%, 29.2%, 28% and 17.8% respectively.

The largest falls in unemployment in November in the Eurozone were registered in Austria (from 5.7% to 5.3%), Lithuania (6.5% to 6.0%), and Spain (14.4% to 14, 1%) while it only rose in Latvia (from 7.0% to 7.3%).

Other countries with declines of 4 tenths or more during that month were Australia (from 5.2% to 4.6%), Canada (6.7% to 6.0%), Colombia (13% to 12.5% ) Czech Republic (2.6% to 2.2%), Israel (4.6% to 4.2%) and the United States (4.6% to 4.2%).

Unemployment also fell, although at a slower rate, in South Korea (3.2% to 3.1% and Mexico (3.9% to 3.8%).

For its part, there was a slight rise in Japan from 2.7% to 2.8%.

Source From: Ambito

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