Five OECD countries recorded an unemployment rate below 3.0 per cent; only Colombia and Spain registered a double-digit rate despite a trend decline in Spain. The number of unemployed persons in the OECD area increased slightly to a total of 34.1 million, OECD said in a press release.
In the European Union (EU) and the euro area, unemployment rates remained at record lows of 5.9 per cent and 6.3 per cent, respectively, in October. The unemployment rate was stable in two-thirds of the 17 OECD euro area countries and continued to fall in Italy and Lithuania. In Italy, the cumulative drop in the unemployment rate since October 2023 reached 2.0 percentage points (pp), with the rate falling to its lowest level since April 2007. The unemployment rate rose in Finland, Greece, and Slovenia.
The OECD unemployment rate remained stable at 4.9 per cent in October 2024, unchanged since March 2022, with 34.1 million unemployed.
EU and euro area unemployment rates hit record lows of 5.9 per cent and 6.3 per cent, respectively.
Youth unemployment stood at 11.3 per cent, exceeding adult unemployment by 7.2 percentage points, with 9 countries above 20 per cent.
Outside Europe, unemployment rates increased in Colombia and Korea in October but were stable or decreased in all other OECD countries. Mexico’s unemployment rate declined to 2.5 per cent, the lowest rate recorded in the OECD along with Japan. Compared to October 2024, data for November 2024 shows unemployment rates increased to 6.8 per cent in Canada while it remained broadly stable at 4.2 per cent in the United States.
OECD unemployment rates for both women and men were broadly stable in October 2024, at 5.1 per cent and 4.8 per cent, respectively. The unemployment rate for women exceeded that of men in the OECD area, the European Union, and the euro area, but was higher for men in the G7 area and in slightly more than half of the 38 OECD countries in October 2024 (or in the latest period available). Latvia had the largest gender gap in favour of women in the OECD area, with an unemployment rate for men exceeding that of women by 2.9 pp, while Colombia and Turkiye had the largest in favour of men, with a 3.9 and 5.6 pp difference, respectively. For Hungary and Mexico, the unemployment rates for women and men were equal.
In October 2024, the OECD unemployment rate was unchanged among younger workers (aged 15-24) and workers aged 25 and above. At 11.3 per cent, the youth unemployment rate stood 7.2 pp above the unemployment rate for workers aged 25 and above and increased by more than 1.0 pp compared to September in Latvia, Colombia, Korea, Australia, and Greece. Youth unemployment remained above 20 per cent in 9 OECD countries in October (or in the latest available period). By contrast, Japan and Israel recorded the lowest rates in the OECD area, at or below 4.0 per cent, said the release.
Fibre2Fashion News Desk (SG)
