Unemployment in OECD drops to 5.4% as recovery takes hold

Unemployment in OECD drops to 5.4% as recovery takes hold
# 08 February 2022 16:20 (UTC +04:00)

Unemployment across the OECD area fell to 5.4 per cent in December, the eighth consecutive monthly fall, APA-Economics reports citing The Irish Times.

The latest jobless data from the Organisation for Economic Co-operation and Development (OECD) corresponded to 36.1 million unemployed workers.

While in decline, it was still 500,000 above the pre-pandemic level, the OECD said, while noting the unemployment rate was below the pre-pandemic level in Australia, Chile, France, Iceland, Italy, Lithuania, Luxembourg, the Netherlands, New Zealand, Portugal, Spain and Turkey, a reflection of the strong recovery currently under way.

However, the organisation cautioned that the headline rate concealed certain changes within the labour market, including participation levels.

“It should be noted that the unemployment rate conceals the extent of the unmet labour demand as some non-employed people may be ‘out of the labour force’, and hence not captured by the unemployment rate, either because they are not actively looking for a job or are not available to work,” it said.

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