According to the recent statistical data, in August 2020, the unemployment rate in the participating countries of the Organization for Economic Co-operation and Development (OECD) dropped to 7.4%. In July, the indicator was at the level of 8%. Nevertheless, analysts suppose that unemployment is still a burning issue. The fact is that its rate remains above the pre-crisis reading and it will hardly decline in the near future. The latest estimates showed that in August, the unemployment rate exceeded its February score by 2.2 percentage points. Notably, the coronavirus outbreak occurred in February 2020.
However, economists have noted some reasons for optimism. Thus, in the last month of the summer, the number of unemployed people in the OECD's member countries slid by 3.3 million to 48.38 million. Unemployment among women dipped by 0.7 percentage points whereas among men it dropped by 0.4 percentage points to 7.3%. At the same time, youth unemployment between 15 and 24 years decreased by 1.4 percentage points to 15.4%.
In the eurozone, unlike the US, the unemployment rate jumped to 8.1%. In France, Lithuania and Spain, the indicator inched up by 0.3 percentage points. Analysts also emphasized that in Japan the indicator rose to 3% compared to 2.9% in July.
On the other side of the ocean, the labor market situation is more favorable. Thus, the US reported that in August, its unemployment rate dropped by 1.8 percentage points to 8.4% whereas in Canada the indicator went down by 0.7 percentage points to 10.2%. Moreover, the indicator was falling in the first month of the autumn in both countries. Thus, in the US, unemployment hit 7.9% and in Canada – 9%.
