OECD unemployment stable in May

By James Langton | July 13, 2022 | Last updated on July 13, 2022
1 min read
Fired woman leaving the office building with her belongings in a box and looking sad - losing a job concepts

The unemployment rate stabilized itself at a record low in May, according to new data from the OECD.

The Paris-based group reported that the jobless rate for the OECD area overall came in at 5% in May, which remained its lowest level since the OECD began tracking the statistic in 2001.

The number of unemployed workers in the OECD also stayed “broadly stable” in May at 33.8 million, it noted.

In two thirds of OECD countries, the jobless rate was below pre-pandemic levels in May, the group said.

For the euro area overall, the unemployment rate fell slightly in May, to 6.6% from 6.7% in April, led by declines in Italy, Spain and Lithuania.

More recent data for the U.S. and Canada showed that the jobless rate remained stable in the U.S. in June at 3.6%, and slipped to 4.9% in Canada.

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James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.