OECD Unemployment Rate Remains High after the Second Quarter of 2020
The Organization for Economic Co-operation and Development (OECD) released data on September 9, saying that the overall unemployment rate of its member countries in July was 7.7%, 0.3 percentage points lower than in June, but still 2.5 percentage points higher than in February before the labor market was affected by the COVID-19 outbreak. The data show that unemployment rate varies widely across OECD countries by region. In the Eurozone, the unemployment rate rose to 7.9% in July, the fourth consecutive month of increasing, with France, Ireland, Italy and Portugal all registering monthly rises of 0.3 percentage points or more. In Japan, the unemployment rate was 2.9% in July, up 0.1 percentage points from the previous month. In North America, the unemployment rate in Canada and the United States fell by 1.4 and 0.9 percentage points from the previous month to 10.9% and 10.2% respectively. The OECD also pointed out that although the unemployment rate of young people aged 15 to 24 in its member countries fell by 0.6 percentage points from July to 16.2%, it was still 4.9 percentage points higher than in February and more than double the unemployment rate for people aged 25 and over.