Eurozone jobless rate exceeds OECD average

The eurozone continues to fall behind its international counterparts in tackling unemployment

by The Commentator on 9 July 2013 13:51

Job-losses

Unemployment in the eurozone worsened slightly in May, diverging further from the overall rate of eight percent in advanced countries, the Organisation for Economic Co-operation and Development said on Tuesday.

The rate in OECD countries was 8 percent in May for the third month running but in the eurozone it edged up to 12.2 percent, the highest level for about 20 years.

The Associated Press reports that 48.5 million people were unemployed in the 34 OECD countries in May, meaning that 100,000 people had swelled the total of unemployed in the month, and that 13.8 million people had joined the mass of unemployed people since July 2008 when the financial crisis began.

The gap between the average OECD unemployment rate and the situation in the eurozone was widening, to 4.2 percentage points from 1.7 percentage points in July 2008.

The OECD highlighted the performance in other leading economies: in the United States the rate in May rose by 0.1 percentage points to 7.6 percent but in Canada it fell by the same amount to 7.1 percent. The rate in Japan was stable at 4.1 percent.

However, the OECD said that it also had data for June for the United States and Canada which showed that the rate in both countries was stable and the outlook for young people has improved slightly.

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