OECD unemployment increases to 7.6% in February 2014
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09/04/2014 - The OECD unemployment rate increased by 0.1 percentage point, to 7.6%, in February 2014, following three consecutive months of declines. 46 million persons were unemployed, 3.8 million less than at the peak in April 2010, but still 11.4 million more than in July 2008.
In the Euro area, the unemployment rate was stable, at 11.9%, in February, for the fifth consecutive month. The unemployment rate increased by 0.2 percentage point in the Netherlands (to 7.3%), and by 0.1 percentage point in France (to 10.4%) and Italy (to 13.0%), while it decreased by 0.2 percentage point in Spain (to 25.6%), and by 0.1 percentage point in Austria (to 4.8%) and the Slovak Republic (to 13.9%). The unemployment rate was stable in Germany (at 5.1%).
The unemployment rate rose by 0.1 percentage point in the United States (to 6.7%), after 3 months of declines. It rose by 0.7 percentage point in Korea (to 3.9%), as the improving economic outlook led to increases in the labour force. On the other hand, it declined by 0.1 percentage point in Japan (to 3.6%) and Mexico (to 4.7%), and it was stable in Canada (at 7.0%). More recent data referring to March 2014 show that the unemployment rate was stable in the United States,while it decreased in Canada (by 0.1 percentage point, to 6.9%).
In February 2014, the unemployment rate for women (7.7%) and men (7.5%) was below the level reached one year before by 0.4 and 0.5 percentage point, respectively. In the case of youth, the unemployment rate (at 15.5%) was 0.9 percentage point lower than one year before. This level, however, is still 9.0 percentage points higher than the rate for people above 25 years of age (6.5%) and remains exceptionally high in several Euro area countries such as Greece (at 58.3% in December, the latest month available), Spain (at 53.6%), Italy (at 42.3%), Portugal (at 35.0%) and the Slovak Republic (at 32.3%).