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MNI BRIEF: OECD Unemployment Rate Falls in October

MNI (London)
LONDON (MNI)

Unemployment rate decreased further in October across the OECD area, ticking down to 7.1% from 7.3% seen in September. However, the rate is still 2.0pp higher than February's pre-pandemic level. The EZ jobless rate edged down to 8.4% in October, while the unemployment in the US declined by 1.0pp to 6.9%. The unemployment rate decreased slightly faster among women (7.2%) than among men (6.9%) and youth unemployment fell to a rate of 14.4%, which is well below the peak in April 2020 where it recorded 19.0%.

"Some care is needed in interpreting recent falls in the OECD unemployment rate, as this largely reflects the return of temporary laid-off workers in the United States and Canada, where they are recorded as unemployed, whereas temporary lay-offs are typically recorded as employed in most other countries." the OECD noted in its report.

MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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