Jobless rates stick at low levels in July: OECD

The unemployment rate around the globe remained largely stable in July, the Organization for Economic Cooperation and Development (OECD) reports.

The jobless rate across the OECD coverage area came in at 4.8%, marking 13 months in a row below the 5.0% level, the Paris-based group said.

Unemployment rates were at or near record lows in five countries, including the U.S. and Germany, the OECD said, adding that rates are also at record lows for Europe overall.

While jobless rates rose in 15 countries in July, including Canada, it also declined in nine countries, and was stable in nine others, the OECD reported.

“More recent data show that the unemployment rate remained stable in Canada at 5.0% in August and picked up in the United States to 3.8% from 3.5% in July,” it said.

The number of unemployed workers in the OECD also increased to 32.9 million in July, but remained close to its recent low, it noted.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.