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Financial News: OECD Unemployment Rate Remains Stable In May

OECD Unemployment Rate Remains Stable In May

07/11/2017 - 06:40:00 (RTTNews)

(RTTNews) - The unemployment rate in the Organization for Economic Cooperation and Development area remained stable in May, data showed Tuesday.

The OECD said the jobless rate came in at 5.9 percent in May, the same rate as seen in April. Across the OECD area, 36.8 million people were unemployed, 4.1 million more than in April 2008.

In the euro area, the unemployment rate held steady at 9.3 percent. The rate increased in Japan and Canada, to 3.1 percent and 6.6 percent, respectively.

Meanwhile, the U.S. jobless rate fell slightly to 4.3 percent from 4.4 percent.

The OECD youth unemployment rate that applies to 15-24 age group dropped 0.1 percentage point to 12 percent in May. It fell by 0.6 percentage point to 8.8 percent in the United States and was stable in the euro area at 18.9 percent.

More than one third of all youth remain unemployed in Greece, Spain and Italy.

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