The Organisation for Economic Co-operation and Development (OECD) unemployment rate remained at 4.8 per cent in April 2023 for the third consecutive month. The monthly unemployment rate was unchanged in April 2023 in 10 OECD countries, declined in 14 and rose in nine. The rate was at or close to its record low in eight countries, including Canada, France, Germany, and the US.

The number of unemployed persons in the OECD declined to 33 million, close to the record low reached in July 2022, the OECD said in a press release.

In April 2023, the OECD youth unemployment rate (workers aged 15-24) declined for the second month in a row to 10.2 per cent, its lowest value since 2005. It declined in 17 OECD countries with the largest falls observed in Sweden, Norway, the Czech Republic, Portugal, and Italy.

The unemployment rate for both women and men was broadly stable, at 5.0 per cent and 4.6 per cent respectively, as was the rate for workers aged 25 and above. In the euro area, the unemployment rate decreased slightly, reaching a new record low of 6.5 per cent in April 2023.

The unemployment rate was stable or decreased in all euro area countries except Austria, Estonia, Finland, and Greece. However, unemployment rates remain well above their lowest levels in Greece, Lithuania, Luxembourg, and Spain.

Outside Europe, Israel, Japan, Korea, and the US recorded a drop in the unemployment rate. In contrast, it increased in Australia, Colombia, and Mexico, although from a relatively low level in Australia and Mexico. More recent data show that the unemployment rate in the US increased to 3.7 per cent in May, from 3.4 per cent in April 2023.

Fibre2Fashion News Desk (NB)

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OECD unemployment in Apr 2023 steady at 4.8% for third straight month

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