Data provided by iNet BFA
Loading...
See More

Unemployment rate in rich countries up

Sep 11 2012 16:43 Sapa-AFP

Related Articles

SA on brink of jobs recession

Workers, jobless SA's new divide

Bleak outlook for young South Africans

ILO: SA labour laws not too rigid

Record unemployment in eurozone

Chinese knock for local jobs

 
Paris - The unemployment rate in advanced countries edged up to 8% in July from 7.9% in June, with young people in the front line of the jobless queues, the Organisation for Economic Cooperation and Development (OECD) said on Tuesday.

This meant that in the OECD area, 47.9 million people were ranked as unemployed, an increase of 13.1 million from the onset of the financial crises in July 2008, the OECD said.

Of these unemployed people, 11.9 million were classed as youths.

But data for August showed the rate in the United States falling by 0.2 points to 8.1% and in Canada it was stable at 7.3%.

In the eurozone, the rate was steady at 11.3% in July.

This followed 13 months in a row of a rising rate and meant that the ratio of unemployed to the workforce was 4 percentage points above a record low rate in March 2008.

OECD, which provides analysis and policy guidance for 34 leading countries, noted that unemployment rates continued to vary widely in July.

The highest level was 25.1% in Spain, an increase of 0.2% from the June level, followed by a steady rate of 15.7% in Portugal, and 14.9% in Ireland where it had edged up 0.1 points.

But the rates in Australia, Austria, Germany, Japan, South Korea and Luxembourg, Mexico and the Netherlands, were less than 5.5%.

On the job problems of the young, the OECD said: "Young people continue to bear the brunt of the current jobs crisis, with 16.1% unemployed in July 2012, down 0.1 percentage point, in the OECD area and 22.6%, up 0.1 percentage point, in the euro area."

*Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.
oecd  |  unemployment
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Where can you stash your cash?

Fin24 user Tinashe Guramatunhu presents a review of the best way to invest a windfall or bonus.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...