Jobless rate stable in October: OECD

The unemployment rate remained stable in October, according to the Organisation for Economic Cooperation and Development (OECD).

The Paris-based group reported that the jobless rate came in at 4.9% for October. The rate rose in 14 countries, dropped in 10 countries and stayed flat in nine others.

Unemployment rates were stable or rose slightly in Canada, the U.S. and Australia, it said — but more recent data showed that the jobless rate rose to 5.8% in Canada for November and decreased to 3.7% in the U.S.

In the Euro area, the unemployment rate has been stable at 6.5% since February 2023, the OECD said.

“In October, it was stable or increased slightly in 12 of the 17 OECD Euro area countries,” it said, while it declined in Austria, Lithuania and Greece.

For the OECD area overall, the unemployment rate has been below the 5.0% mark since July 2022.

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