OECD area unemployment falls to 6.2% in July

OECD area unemployment falls to 6.2% in July

Youth unemployment rate for people aged between 15-24 stands at 12.5%

By Tuba Sahin

ANKARA (AA) – The unemployment rate in the Organization for Economic Cooperation and Development (OECD) area decreased month-on-month in July, data from the group showed on Thursday.

The OECD area unemployment rate was at 6.2% in July 2021, down from 6.4% in June and 0.9 percentage point up from the pre-pandemic figure in February 2020, it said in a statement.

"The number of unemployed workers across the OECD area fell by 1.6 million in July 2021, reaching 41.1 million," the statement read.

The figure in eurozone fell for the third consecutive month in July, reaching 7.6% versus 7.8% previous month.

While almost every euro area country saw decline in unemployment rate, the largest decrease was registered in Spain, where it fell by 0.7 percentage point to 14.3 %.

Outside Europe, the figure was 4.6% in Australia, 7.5% in Canada, 13.7% in Colombia, 3.3% in Korea, and 5.4% in the US – all posted a decrease of over 0.3 percentage point during the same period.

"More recent data show that the unemployment rate further decreased in August in the US, to 5.2%, although the share in labor force of unemployed people on temporary lay-off was broadly stable," it added

The youth unemployment rate for people aged between 15-24 in the OECD area slipped to 12.5%, from 12.9% in June, the data showed.

Meanwhile, the Turkish Statistical Institute will announce Turkey's unemployment rate for July on Friday.

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