OECD unemployment rate steady at 4.9% in October

By Tuba Ongun

The unemployment rate across the Organization for Economic Cooperation and Development (OECD) area remained stable at 4.9% in October for the third consecutive month, according to data released Wednesday.

The total number of unemployed individuals in OECD countries rose slightly by 131,000 from the previous month, reaching 34.1 million, the Paris-based organization reported.

Five OECD countries recorded unemployment rates below 3.0%, while Colombia and Spain were the only nations with double-digit rates, at 10.1% and 11.2%, respectively.

Unemployment rates for both women and men were largely unchanged in October, standing at 5.1% and 4.8%, respectively.

The youth unemployment rate for individuals age 15-24 remained constant at 11.3% in October. However, it exceeded 20% in nine OECD countries.

In contrast, Japan and Israel reported the lowest youth unemployment rates, at or below 4.0%.