The OECD unemployment rate remained unchanged at 5.0% in July 2024 (Figure 1 and Table 1). Compared to June, the unemployment rate was unchanged in July in 16 OECD countries, while declining in 9, and rising in 7. Six OECD countries recorded an unemployment rate below 3.0%. Only Spain recorded a double-digit rate (Figure 2 and Table 1). The number of unemployed persons in the OECD rose slightly to a total of 34.8 million, with the largest rise in Japan and the United States (Table 2).
In the European Union and the euro area, the unemployment rate remained at record lows of 6.0% and 6.4%, respectively, in July. It was stable in about half the 17 OECD euro area countries (Table 1).
Outside Europe, the unemployment rates increased in Japan and the United States in July but were stable or decreased in most other OECD countries. Colombia and Israel recorded the largest drops (Table 1). In August, the unemployment rate in Canada increased to 6.6% while it changed little in the United States at 4.2%.
The OECD unemployment rate was broadly stable for both women and men, with rates of 5.2% and 4.9% respectively in July 2024. Although the unemployment rate for women exceeded that of men in the OECD, the European Union, and the euro area, the opposite was true in 55% of the 38 OECD countries in July 2024 (or in the latest period available). The largest gaps in favour of women were observed in Finland and Latvia (Figure 3 and Table 3).
In July 2024, the OECD unemployment rate was broadly stable among youth (aged 15-24) and workers aged 25 and above. The youth unemployment rate remained high, at or above 20%, in 10 OECD countries in July (or in the latest available period). It increased by more than 1.0 percentage point in Czechia, Finland, Hungary, Sweden, and Türkiye (Table 4).
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