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OECD unemployment rate down to 7.4% in August 2020

2 mins read

The FINANCIAL — The OECD unemployment rate fell by 0.6 percentage point in August, to 7.4%, but remained 2.2 percentage points above the level observed in February, before the COVID-19 pandemic hit the labour market. 48.4 million persons were unemployed in the OECD area, 13.5 million more than in February. Some care is needed in interpreting recent falls in the OECD unemployment rate, as this largely reflects the return of temporary laid-off workers in the United States and Canada, where they are recorded as unemployed. In the euro area, where temporary lay-offs are not included in unemployment statistics, the unemployment rate continued to increase (to 8.1% in August, from…

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OECD unemployment rate down to 7.4% in August 2020

2 mins read

The FINANCIAL — The OECD unemployment rate fell by 0.6 percentage point in August, to 7.4%, but remained 2.2 percentage points above the level observed in February, before the COVID-19 pandemic hit the labour market. 48.4 million persons were unemployed in the OECD area, 13.5 million more than in February. Some care is needed in interpreting recent falls…