October 16, 2020
The OECD (Organization for Economic Co-operation and Development) employment rate fell 4.0% year-on-year to 64.6% in the second quarter of 2020, its lowest level since the fourth quarter 2010.
Compared to the previous quarter, the OECD employment rate also fell by 4.0%.
In the OECD area, 560 million people were employed in the second quarter of 2020, 34 million fewer than in the previous quarter.
The OECD added that caution should be exercised in interpreting the latest data, however, as much of the decline in the second quarter reflects a significant increase in the number of workers on leave in the United States and Canada, where this category of workers is registered as unemployed while it is registered as employed in most other countries.
Australia’s employment rate stood at 70.5% in the second quarter, up from 74.2% in the second quarter of 2019 and up from 74.6% in the first quarter of 2020.
Japan’s employment rate fell 0.6% from the previous year and 1.0% from the first quarter of 2020. South Korea’s employment rate fell by 1.3 % compared to the second quarter of 2019 and the previous quarter.
New Zealand’s employment rate fell 0.8% from the second quarter of 2019 and the previous quarter.
In the euro area, the employment rate fell from 1.7% year-on-year to 66.2% in the second quarter of 2020. Turkey recorded a 4.6% year-on-year decline, while Israel recorded a decline of 4.6% year-on-year. recorded a decrease of 2.3%.
In Canada, the employment rate fell by 9.8% and in the United States by 8.7%.
The employment rate fell 4.2% for men year-on-year while it fell 3.9% for women.
Meanwhile, the unemployment rate for young people (15-24 years) stood at 36.3% while âprime workersâ (25-54 years) recorded an unemployment rate of. 74.7% in the second quarter of 2020 and older workers (55-64 years) recorded an unemployment rate of 59.3%.