OECD unemployment rate holds steady at 4.9 percent in October, youth unemployment remains high in some nations
Date
12/14/2024 5:17:24 AM
(MENAFN)
The unemployment rate across the Organization for Economic Cooperation and Development (OECD) area remained unchanged at 4.9 percent in October, marking the third consecutive month at this level, according to data released on Wednesday.
The total number of unemployed individuals in OECD countries increased slightly by 131,000 compared to the previous month, reaching a total of 34.1 million. The report highlighted that five OECD countries reported unemployment rates below 3.0 percent, while Colombia and Spain had the highest rates, with 10.1 percent and 11.2 percent, respectively.
Gender-wise, unemployment rates for both women and men were largely stable in October, standing at 5.1 percent for women and 4.8 percent for men. The youth unemployment rate, which tracks individuals aged 15-24, remained constant at 11.3 percent. However, in nine OECD countries, the youth unemployment rate surpassed 20 percent.
Japan and Israel stood out for having the lowest youth unemployment rates, with figures at or below 4.0 percent.
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