Unemployment rate in OECD area remains unchanged at 5 percent in July

(MENAFN) In July, the unemployment rate across the Organization for Economic Cooperation and Development (OECD) area remained unchanged at 5 percent, according to data released on Wednesday. This stability in the overall unemployment rate comes amidst a rise in the number of jobless individuals, which increased by 149,000 from the previous month to a total of 34.8 million. The Paris-based organization noted that the most significant increases in unemployment were observed in Japan and the United States, highlighting regional disparities in employment conditions.

Despite the overall stability in the unemployment rate, there was considerable variation among individual OECD countries. While six countries within the OECD reported unemployment rates below 3.0 percent, Spain stood out with a markedly higher rate of 11.5 percent. This disparity underscores ongoing challenges in the labor markets of different member countries, with Spain facing particularly high levels of joblessness compared to its peers.

Gender-specific unemployment rates remained relatively stable, with women experiencing an unemployment rate of 5.2 percent and men at 4.9 percent in July. This stability in unemployment rates between genders suggests that, on average, both women and men are facing similar employment challenges, though the rates themselves indicate a broader issue within the labor market.

The youth unemployment rate, which covers individuals aged 15-24, saw a slight increase to 11.2 percent in July from 11.1 percent in June. This minor rise reflects ongoing difficulties faced by younger workers in securing employment and highlights the need for targeted policies to address youth unemployment and improve job prospects for this age group.

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