The Organisation for Economic and Development just released data
to show that unemployment rates for member countries, which include the United States, the Eurozone, Mexico and Japan were stable during the month of July 2015 at 6.8%. Since the peak reached in January 2013, the cumulative decline in the OECD unemployment rate is 1.3 percentage point. However, the difference between unemployment rates found in the U.S. and the Eurozone was especially sharp, as detailed in an OECD graph. The number of unemployed reached 8.3 million in the U.S. in July, while in the Eurozone their number reached 17.5 million.
The Eurozone is constituted by those countries which use the euro as their common currency. They are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Denmark and the United Kingdom are still hold-outs. In the euro area, unemployment declined by 0.2 percentage point to 10.9% in July. The largest declines in unemployment were witnessed in Italy (down 0.5 percentage point, to 12.0%), Portugal (down 0.2 percentage point, to 12.1%, the 6th consecutive month of decline) and Spain (down 0.2 percentage point, to 22.2%, having decreased every month for almost 2 years). Unemployment among young people in Spain, however, ages 18-35 remains at about 25%.
The unemployment rate in July was stable in Canada (at 6.8%), Mexico (at 4.4%) and the United States (at 5.3%), while it decreased by 0.2 percentage point in Korea (to 3.7%) and by 0.1 percentage point in Japan (to 3.3%). More recent data referring to August 2015 show that the unemployment rate decreased by 0.2 percentage points in the United States (to 5.1%), while it increased in Canada (by 0.2 percentage point, to 7.0%).
Across the OECD area, 41.6 million people were unemployed in July, 7.3 million less than in January 2013, but still 7.1 million more than in July 2008, immediately before the crisis. There were 17.5 million unemployed in the euro zone.
United States: 8.3 million
Turkey: 3 million
Mexico: 2.3 million
Japan: 2.2 million
The report, which was released on September 9, showed that the highest monthly decreases in unemployment were in Italy (down 143 thousand), Spain (down 57 thousand), and Korea (down 43 thousand).
However, with the influx of refugees from the Mideast and unauthorized immigrants, the number of unemployed in the Eurozone is expected to increase. The United Nations, for example, is expecting that 850,000 such immigrants are expected to enter the European region by the end of 2016.
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