UK unemployment below rich world average

The OECD shows that the UK's unemployment rate is below average for the world's richest countries. The UK is at 7.6% compared to the OECD average of 8.6%.

A new report by the OECD shows that the UK’s unemployment rate is below average for the world’s leading developed countries. For the most recent month where data was available, the UK had a rate of 7.6 per cent while the OECD average is 8.6 per cent. The rate in the Euro area is 10.0 per cent.

The OECD noted that:

The unemployment rate for the OECD area was broadly stable in February 2010 compared with January. The headline rate fell 0.1 percentage point but this reflected the partial unwinding of effects that led to a temporary increase in Korea’s January rate. Month on month, the general picture is of broad stability across all OECD countries, a trend reinforced by the March figures for the United States and Canada, which were unchanged at 9.7% and 8.2%, respectively.

However, the OECD unemployment rate remains at a level close to post-war highs. The countries with the highest rates across the OECD area in February were Spain (19.0%) the Slovak Republic (14.2%), Ireland (13.2%), Hungary (11.0%), Portugal (10.3%) and France (10.1%). The lowest rates were recorded in Norway (3.3% in January) and the Netherlands (4.0%).

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