Jobless higher

OECD Observer

The standardised unemployment rate for the OECD area fell to 7.2% in July from 7.3% in June, but stood 0.2 percentage points higher than a year earlier.

The jobless rate in the euro area was unchanged from the previous month at 8.9% in July, but was 0.5 percentage points higher than a year earlier. In the United States, the jobless rate fell to 6.2% in July from 6.4% in June, but was 0.4 percentage points higher than a year earlier. In Japan the unemployment level was unchanged from June at 5.3% and fell 0.1 percentage points from a year earlier.

Over the 12 months to July, the standardised unemployment rate in France rose to 9.4% from 8.9%, while in Germany it rose to 9.4% from 8.6% and in Canada it rose to 7.8% from 7.6%. The UK unemployment rate fell over the 12-month period to 4.9%, from 5.1% a year earlier.

Unemployment figures are considered as a lagging indicator, and so they bear out the OECD’s forecast from last April of a cautious recovery in the OECD area, but with difficulties in the euro area economy (see Economy section, page 9).

©OECD Observer No 239, September 2003

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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