Unemployment back below pre-pandemic level: OECD

The jobless rate finally fell below its pre-pandemic level in February, according to the Organization for Economic Cooperation and Development (OECD).

The unemployment rate for the OECD area came in at 5.2% in February, dropping below its level in February 2020, just before the pandemic started.

Additionally, the number of unemployed workers declined to 34.9 million, which is 0.7 million below its pre-pandemic level, the group said.

The Paris-based group noted that the jobless rate “fell markedly in Canada, Korea, Sweden and Turkey, and more modestly in Australia, the United States and Japan.”

In the euro area, the unemployment rate edged lower too, coming in at 6.8% in February, down from 6.9% in January.

More recent data from Canada and the U.S. indicated that the unemployment rate declined even further in March, the OECD noted.

“The latest drop in unemployment is a continuation of a positive trend and welcome news for OECD countries. However, with increasing global uncertainty and geopolitical tensions, we will continue to monitor the situation closely,” said Paul Schreyer, the OECD’s chief statistician, in a release.

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