OECD unemployment rate steady at 5% in July

By Tuba Ongun

The unemployment rate in the Organization for Economic Cooperation and Development (OECD) area in July was stable at 5%, according to data released on Wednesday.

The number of jobless in the OECD rose by 149,000 from a month earlier to 34.8 million as of July, with the largest increases seen in Japan and the US, the Paris-based organization said.

While six OECD countries saw an unemployment rate below 3.0%, Spain was the sole country with a double-digit rate, 11.5%.

Unemployment was broadly stable for both women and men, with rates of 5.2 % and 4.9 %, respectively, in July.

The youth (age 15-24) jobless rate rose slightly to 11.2% in July from 11.1% in June.