OECD job markets still gaining strength

Labour markets continue to improve, with the jobless rate declining further in March, the Organisation for Economic Cooperation and Development (OECD) reports.

The unemployment rate in the OECD dropped to 5.1% in March, from 5.2% in February, the Paris-based group said.

“This represents a continuation of a positive trend for the OECD and the 11th consecutive month of falling or stable unemployment,” it said, noting that the jobless rate remained below its pre-pandemic rate of 5.3%.

Two-thirds of the countries in the OECD now have unemployment rates that dropped below pre-pandemic levels. This represents an increase from February, when only about half of the OECD had improved on their jobless rates from February 2020.

The OECD reported that the unemployment rate fell markedly in Mexico in March, and more modestly in Canada, the U.S., Europe, and Japan.

More recent data also showed that unemployment declined further in Canada, and that it stabilized in the U.S., in April.

Additionally, the number of unemployed workers in the OECD continued to fall further below their pre-pandemic level, the OECD said. There are currently 34.6 million workers without a job, which is 0.9 million below the level before the pandemic hit.

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.