OECD report shows modest increase in unemployment

By on 13/04/2014

The latest unemployment figures from the OECD show a modest increase in unemployment across the group, with ongoing stability in the Eurozone.

In the OECD area overall, covering 34 countries around the globe, unemployment figures were up by 0.1 per cent after three months of stability. In the Eurozone the figure for February 2014 was stable, at 11.9 per cent, for the fifth successive month.

Generally speaking, the rates have remained fairly stable. For every member, from the USA and Canada to Korea and Japan, any increase was limited to 0.1 per cent.

While this suggests the massive fluctuations of the global financial crisis period are now receding, unemployment figures in real terms are actually higher than in 2008.

This trend is particularly noticeable when it comes to youth unemployment, bringing ramifications not only for the future career success of young people, but also for social stability in the most affected nations.

The stand-out figure is, unsurprisingly, in Greece, where youth unemployment (15-24 years old) is 58.7 per cent. Elsewhere in the Eurozone, the figures are slightly lower, at 55.7 per cent in Spain and 40 per cent in Italy for 2013. By contrast, the equivalent figure is 6.8 per cent in Japan.

The latest figures, measured in February 2014, show that unemployment is lowest in Japan, at 3.6 per cent, followed by Korea at 3.9 per cent. Greece would probably have the highest unemployment rate overall, but the last data recorded was in December 2013, when the figure was 27.5 per cent.

About Kevin Sorkin

I am the Founder and CEO of Pendragon International Media Ltd, publishers of Global Government Forum. This portfolio also includes research services and important world leading events for public servants such as the Global Government Summit, the Global Government Finance Summit, the Global Government Forum Innovation conference, Global Government Digital Summit and Putting Citizens First. I am also the founder of the Civil Service Awards and Civil Service Live, established industry leading brands and extremely important events for government. I also launched and published Civil Service World. Over the years I have established relationships with the most senior officials in government and the private sector and have built a very strong and positive reputation across the industry.

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