OECD area unemployment drops for 5th consecutive month

By Aysu Bicer

ANKARA (AA) – The rate of unemployment in the Organization for Economic Cooperation and Development (OECD) fell for the fifth consecutive month, according to latest data released on Tuesday.

The rate dropped 0.5 percentage point to 5.8% month-on-month in September, the OECD said in a press release.

The number of unemployed workers across the OECD area dropped by 1.1 million to 38.7 million, but is still 3.3 million above the pre-pandemic level.

The unemployment rate also fell at the same pace among women (to 6.0% in September from 6.1% in August) and men (to 5.7%, from 5.8%), but declined at a faster pace among younger people aged 15 to 24 (to 12.1%, from 12.4% in August), read the statement.

The unemployment rate in the US declined in September to 4.8% from 5.2% in August, Canada (to 6.9% from 7.1%) and Mexico (to 3.9% from 4.1%), but it increased in Israel (to 5.2% from 5.0%), South Korea (to 3.0% from 2.8%) and Australia (to 4.6% from 4.5%).

“The fall in the OECD area unemployment rate since the April 2020 peak should be interpreted with caution, as it largely reflects the return of temporary laid-off workers in the US and Canada, where they are recorded as unemployed, unlike in most other countries, including European member states, where they are recorded as employed,” the statement added.