Unemployment rate in OECD area remains steady at 4.9 percent in July
Date
11/17/2024 3:01:25 AM
(MENAFN) The unemployment rate in the Organization for Economic Cooperation and Development (OECD) area remained steady at 4.9 percent in September, according to data released on Thursday. This stability follows a reduction in the overall number of jobless individuals, which dropped by 393,000 from the previous month, bringing the total to 34 million unemployed people across the OECD countries. The largest declines in unemployment were recorded in the United States, as reported by the Paris-based organization.
Among the OECD member countries, six recorded unemployment rates below 3.0 percent, highlighting a strong labor market in these regions. However, Spain was the only country in the OECD with a double-digit unemployment rate, standing at 11.2 percent. This figure indicates that Spain continues to face challenges in improving its employment situation relative to other OECD nations.
Unemployment rates were largely stable across both genders, with women experiencing a rate of 5.1 percent and men slightly lower at 4.7 percent in September. These figures reflect a consistent gender gap in unemployment, though the difference has remained relatively unchanged in recent months.
The youth unemployment rate (ages 15-24) also showed a slight improvement, falling to 11.2 percent in September from 11.5 percent in August. This decrease suggests a modest but positive trend in addressing youth joblessness within the OECD area, although youth unemployment remains a key concern for many member countries.
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