Unemployment rate in OECD countries fall to 6.2pc in July

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Paris

The unemployment rate in Organisation for Economic Cooperation and Development (OECD) countries fell to 6.2 percent in July from 6.4 percent in June, leaving it 0.9 percent above the pre-pandemic rate seen in February last year.

The total number of unemployed workers across the OECD area, which includes eurozone countries as well as the US, Australia, Japan and the UK, fell by 1.6 million in July to reach 41.1 million, as the global economy slowly recovers from the Covid-19 crisis amid a surge in vaccinations, the OECD said as reported by The National.

“Some care is needed in interpreting the fall in the OECD area unemployment rate compared to the April 2020 peak, as it largely reflects the return of temporary laid-off workers in the US and Canada, where they are recorded as unemployed,” the OECD said.

In the eurozone, the unemployment rate declined to 7.6 percent in July from 7.8 percent in June – the third consecutive monthly fall.—TLTP

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