Unemployment in OECD (April 2022) – Dropping for the first time below the pre-pandemic rate

Two years since the COVID-19 pandemic began, the unemployment rate in the OECD area fell to 5.2% in February 2022 (from 5.3% in January), dropping for the first time below the pre-pandemic rate recorded in February 2020 (see Figure 1) and reaching the lowest level since the start of this data series in 2001. The number of unemployed workers in the OECD area also continued to fall, reaching 34.9 million, 0.7 million below its pre-pandemic level.

“The latest drop in unemployment is a continuation of a positive trend and welcome news for OECD countries. However, with increasing global uncertainty and geopolitical tensions, we will continue to monitor the situation closely,” said OECD Chief Statistician Paul Schreyer.

The February decline in the OECD area unemployment rate was shared across both women and men as well as between younger workers aged 15 to 24 and workers aged 25 and above.

Chosen excerpts by Job Market Monitor. Read the whole story @  Unemployment Rates, OECD – Updated: April 2022 – OECD