OECD unemployment rate stable at 4.9% in April 2024 – London Business News | Londonlovesbusiness.com

The OECD unemployment rate was stable at 4.9% in April 2024, remaining below or at 5.0% since April 2022.

In April, the rate was unchanged in 25 OECD countries, declined in 4 countries, and rose in 3. Five OECD countries recorded a rate below or equal to 3.0% including Japan, Mexico, Czechia, and Korea while the rate of Colombia, Greece and Spain was above 10%.

The number of unemployed persons in the OECD fell slightly to a total of 34.1 million, remaining stable or decreasing in 18 countries with the largest drop in Colombia.

In the European Union and the euro area, the unemployment rate remained at record lows of 6.0% and 6.4%, respectively, in April 2024. It was stable in most OECD euro area countries. Only Ireland recorded an increase while Austria and Italy witnessed decreases.

Outside Europe, unemployment rates in April 2024 were stable or increased in all OECD countries except in Colombia. The unemployment rates in Canada and the United States remained broadly stable in May 2024 at 6.2% and 4.0%, respectively.

The OECD unemployment rate was broadly stable for both women and men at respectively 5.1% and 4.7% in April 2024. The gender gap, as defined by the difference between women and men unemployment rates was positive in the European Union, the euro area and in 19 OECD countries in April 2024 (or in the latest period available).

However, the gap closed or turned negative in April in Austria, Denmark, Sweden, and the United-States.

The youth unemployment rate (aged 15-24) remained high, above 20%, in 9 OECD countries in April 2024 (or in the latest available period). A few countries such as Ireland, Lithuania, New Zealand, and Norway experienced a marked increase of more than 1.0 percentage point