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Worldwide Unemployment Rates

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OECD Unemployment
Image courtesy of: BlogPiks.com

On Friday August 11th the OECD published the Unemployment rates of its member countries. They call it the “Harmonised Unemployment Rate” meaning that they may adjust the rate depending on how the individual countries calculate it so they are comparable.

Note: The Organisation for Economic Cooperation and Development (OECD) is an intergovernmental economic organisation with 35 member countries, founded in 1960 to stimulate economic progress and world trade, headquartered in Paris France. In addition to its other functions the OECD publishes books, reports, statistics, working papers and reference materials.

The countries with the highest unemployment rates were:

 

Top 6 Highest Unemployment Rates in OECD Countries

Based on the most recent numbers we have for each country, we can see from the table below that the six countries with the highest unemployment rates are all [Read more…] about Worldwide Unemployment Rates

How U.S. Unemployment Rates Compare to other OECD Countries

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Unemployment rates in the U.S. in January were 8.3%
See: Unemployment Rate Chart
Which is very similar to the average Unemployment rate in other OECD countries. The OECD area average unemployment rate was 8.2% in January 2012, having remained basically unchanged throughout 2011. The Euro area was significantly higher at 10.7% reaching a record high since the start of the global financial crisis. It has continued to move higher since June 2011 while the U.S. has decreased from 9.1% to 8.3% during the same period.

Austria remains lower than the rest of the Euro area (and the U.S.) with an unemployment rate of 4.0%, Luxembourg has a rate of 5.1% and Germany has 5.8% compared to other Euro area countries like the Slovak Republic at 13.3%,  Slovenia 8.2% and Finland 7.5%. The dubious honor of the highest unemployment rate in the OECD goes to Spain with an unemployment rate of 23.3%.

Among non-European OECD countries, the unemployment rate fell slightly in Australia (to 5.1%), Mexico (to 4.8%) while it increased slightly in Japan (to 4.6%) and Korea (to 3.2%).

New data for February 2012 show that the unemployment rate for the United States was stable at a seasonally adjusted 8.3% (following five consecutive monthly declines) while it fell by 0.2 percentage point in Canada (to 7.4%).

OECD Unemployment January 2012

Unadjusted U-3 unemployment in the U.S. in February was 8.7%
See: U-6 Unemployment Rate for information on the broader unemployment rate calculation.

 

OECD Unemployment Rate Hovering at 8.2% in July

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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

OECD unemployment rate stable at 8.1% in May

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The OECD area unemployment rate was steady at 8.1% in May, unchanged for the third consecutive month. The Euro area unemployment rate was also stable at 9.9% for the third consecutive month.

Most OECD countries confirm the general pattern of steady or falling unemployment rates although Austria, Belgium, Denmark, Italy, Luxembourg, Spain, Sweden and the United States recorded small increases in their May unemployment rates. New June 2011 data for the United States show a further rise of 0.1 percentage point to 9.2%.

Countries experiencing continuously high unemployment rates include Ireland (14.0%), Portugal (12.4%), the Slovak Republic (13.3%) and Spain (20.9%).

There were 44.0 million unemployed persons in OECD countries in May 2011, down 2.8 million from May 2010 but still 12.0 million higher than in May 2008.

Selected Unemployment Rates, s.a.
April 2011 – May 2011 (1)

OECD for April - May 2011

 (1) United Kingdom:  February 2011—March 2011.

Methodological Notes:

For methodological reasons, harmonised unemployment rates may differ from those published by national statistical institutes. All rates and levels quoted are seasonally adjusted (s.a.).

More methodological notes are available at http://www.oecd.org/dataoecd/21/0/44743407.pdf.

Access data:

The latest unemployment rates for all OECD countries and geographic groupings, as well as historical data, can be downloaded from the OECD online data dissemination facility OECD.Stat Extracts at: http://stats.oecd.org/wbos/Default.aspx?QueryName=251&QueryType=View&Lang=en.

Contacts:

For further information readers are invited to contact the OECD’s Media Relations Division on

(33) 1 45 24 97 00 or e-mail news.contact@oecd.org

For technical questions contact stat.contact@oecd.org

Next release: Tuesday, 13 September 2011

OECD unemployment rate remains at 8.2% in March

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The OECD area unemployment rate, at 8.2% in March 2011, was unchanged from February following three consecutive monthly decreases. The Euro area unemployment rate was also stable at 9.9%.

For the first time since the start of the financial crisis in 2007, unemployment rates are showing a steady or declining pattern in most OECD countries. Italy, Luxembourg, Spain and Sweden were the only countries whose unemployment rates rose in March. New data referring to April 2011 also show a rise (by 0.2 percentage point, to 9.0%) for the United States.

Countries experiencing continuously high unemployment rates include Hungary (11.9%), Ireland (14.7%), Portugal (11.1%), and the Slovak Republic (13.9%). Spain’s 20.7% unemployment rate means that, since May 2010, over one in every five people in the Spanish labour force has been unemployed and seeking work.

There were 44.4 million unemployed persons in OECD countries in March 2011, down 2.6 million from March 2010 but still 13.6 million higher than in March 2008.

Selected Unemployment Rates, s.a.

February 2011 – March 2011 (1)

Unemployment Rate in OECD Countries Falls in February

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OECD unemployment rate records fourth consecutive fall at 8.2% in February

The OECD area unemployment rate fell again in February 2011 to 8.2%, down 0.1 percentage point from January. This was the fourth consecutive decrease, following a period of stability of around 8.5% throughout most of 2010. New March 2011 data show further declines of 0.1 percentage point in the unemployment rates of  both the United States (to 8.8%) and Canada (7.7%).

The February data show, for the first time since the recent financial crisis, a pattern of declining or steady unemployment rates for the majority of OECD countries. The unemployment rate fell in the Euro area to 9.9%, the first time back into single digits since December 2009. Austria, Korea, Mexico and Spain were the only countries recording rises in their unemployment rates. Countries still experiencing very high unemployment rates include Hungary (12.0%), Ireland (14.9%), Portugal (11.1%), the Slovak Republic (14.0%) and Spain (20.5%).

There were 44.9 million unemployed persons in OECD countries in February 2011, down 2.1 million from February 2010 but 14.3 million higher than in February 2008.

Selected Unemployment Rates, s.a.

January 2011- February 2011