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OECD Unemployment Rate Hovering at 8.2% in July

The Organisation for Economic Co-operation and Development (OECD) released its report on unemployment in OECD countries today.

The unemployment rate for the entire OECD area was  unchanged for the fifth consecutive month at 8.2% in July 2011. The Euro area unemployment rate was unchanged at 10.0% for the second consecutive month and has hovered around this level since December 2010.

Between June and July unemployment rates for OECD countries displayed very little movement. The single highest rise was for Luxembourg (up 0.3 percentage points to 4.6%) while the greatest fall was in Mexico (down 0.5 percentage points at 5.3%). New August 2011 data for the United States (unchanged at 9.1%) and Canada (up by 0.1 percentage point to 7.3%) confirm this current picture of broad stability in unemployment rates.

Countries where high unemployment rates continue to persist include Ireland (14.5%), Portugal (12.3%), the Slovak Republic (13.4%) and Spain (21.2%).

Around 44.5 million people were unemployed across the OECD area in July 2011, down 2.0 million from July 2010 but still 11.4 million higher than in July 2008.

OECD Unemployment July

 

OECD Unemployment Rates, s.a.

Percentage of labour force

2008 2009 2010 2010 2011 2011
Q3 Q4 Q1 Q2 Feb Mar Apr May Jun Jul
OECD – Total 6.1 8.4 8.6 8.6 8.5 8.2 8.2 8.2 8.2 8.2 8.2 8.2 8.2
Major Seven 5.9 8.1 8.2 8.1 8.1 7.7 7.7 7.7 7.7 7.7 7.7 7.8 7.8
European Union 7.1 9 9.7 9.6 9.6 9.5 9.5 9.5 9.4 9.4 9.5 9.5 9.5
Euro area 7.7 9.6 10.1 10.1 10.1 10 10 10 10 9.9 10 10 10
Australia 4.2 5.6 5.2 5.2 5.2 5 4.9 5 4.9 4.9 4.9 4.9 5.1
Austria 3.8 4.8 4.4 4.4 4.2 4.4 4.1 4.5 4.3 4.1 4.2 3.9 3.7
Belgium 7 7.9 8.3 8.3 7.9 7.2 7.3 7.1 7.1 7.2 7.4 7.4 7.5
Canada(1) 6.1 8.3 8 8 7.7 7.7 7.5 7.8 7.7 7.6 7.4 7.4 7.2
Chile 7.8 10.8 8.2 8 7.1 7.3 7.2 7.3 7 7.2 7.2 7.5
Czech Republic 4.4 6.7 7.3 7.1 7.1 6.9 6.5 6.9 6.7 6.6 6.5 6.5 6.4
Denmark 3.4 6.1 7.4 7.4 7.7 7.6 7.3 7.6 7.6 7.3 7.4 7.3 7.1
Estonia 5.6 13.8 16.8 16.1 14.5 13.6 12.8 13.6 13.6 12.8 12.8 12.8
Finland 6.4 8.2 8.4 8.3 8.1 8 7.9 8 8 7.9 7.9 7.9 7.9
France 7.8 9.5 9.8 9.8 9.7 9.7 9.7 9.7 9.7 9.7 9.7 9.8 9.9
Germany 7.6 7.7 7.1 6.9 6.6 6.4 6.2 6.4 6.3 6.2 6.2 6.1 6.1
Greece 7.7 9.5 12.6 13 14.1 15 15 15
Hungary 7.8 10 11.2 11.1 11 11 10.1 10.9 10.6 10.3 10 9.9 9.7
Iceland 3 7.2 7.5 7.8 8.5 7.4 6.7
Ireland 6.4 11.8 13.7 13.8 14.3 14.2 14.2 14.2 14.1 14.1 14.1 14.3 14.5
Israel(3) 6.1 7.5 6.7 6.6 6.5 6 5.5
Italy 6.8 7.8 8.4 8.3 8.3 8.1 8 8.1 8.1 8 8.1 8 8
Japan 4 5.1 5.1 5 5 4.7 4.6 4.6 4.6 4.7 4.5 4.6 4.7
Korea 3.2 3.6 3.7 3.6 3.4 3.9 3.4 4 4 3.6 3.3 3.3 3.3
Luxembourg 4.9 5.1 4.5 4.4 4.5 4.3 4.3 4.2 4.3 4.3 4.3 4.3 4.6
Mexico 4 5.5 5.4 5.2 5.4 5.1 5.5 5.2 5 5.2 5.5 5.8 5.3
Netherlands 3.1 3.7 4.5 4.5 4.4 4.3 4.2 4.3 4.2 4.2 4.2 4.1 4.3
New Zealand 4.2 6.1 6.5 6.4 6.7 6.5 6.5
Norway 2.5 3.1 3.5 3.5 3.5 3.2 3.3 3.2 3.2 3.4 3.3 3.3
Poland 7.2 8.2 9.6 9.5 9.6 9.4 9.5 9.3 9.4 9.5 9.5 9.5 9.4
Portugal 8.5 10.6 12 12.2 12.3 12.4 12.6 12.4 12.5 12.6 12.6 12.5 12.3
Slovak Republic 9.5 12 14.4 14.3 14 13.5 13.4 13.5 13.4 13.4 13.4 13.4 13.4
Slovenia 4.4 5.9 7.3 7.3 7.8 8.1 8.3 8.1 8.2 8.3 8.3 8.4 8.4
Spain 11.4 18 20.1 20.5 20.5 20.6 20.8 20.6 20.7 20.7 20.8 21 21.2
Sweden 6.2 8.3 8.4 8.3 7.9 7.7 7.5 7.6 7.7 7.4 7.7 7.4 7.4
Switzerland 3.2 4.1 4.2 4.5 3.9 3.9
Turkey 9.7 12.5 10.6 10.5 9.9 9.3 9.2 9.1 9.1 9.3
United Kingdom 5.6 7.6 7.8 7.7 7.8 7.7 7.7 7.6 7.7 7.8
United States (2) 5.8 9.3 9.6 9.6 9.6 8.9 9.1 8.9 8.8 9 9.1 9.2 9.1
About Tim McMahon

Work by editor and author, Tim McMahon, has been featured in Bloomberg, CBS News, Wall Street Journal, Christian Science Monitor, Forbes, Washington Post, Drudge Report, The Atlantic, Business Insider, American Thinker, Lew Rockwell, Huffington Post, Rolling Stone, Oakland Press, Free Republic, Education World, Realty Trac, Reason, Coin News, and Council for Economic Education. Connect with Tim on Google+