June 10, 2021

Over half a million in rich countries became jobless in April

categories : finance & economy

OECD unemployment rate hit 6.6% in April from 6.5 percent in March

The number of unemployed in several rich countries increased by more than half a million over the course of April as the economic fallout of the coronavirus pandemic continued, according to the latest data from the Organisation for Economic Cooperation and Development (OECD).

The Paris-based think tank reported that the unemployment rate in OECD’s 30 member states rose to 6.6 percent during the month, from 6.5 percent in March. In total, the jobless population in OECD countries reached 43.781 million in April, up by 722,000 from the previous month.

The unemployed population in major seven countries alone, which include Canada, United States, France, Germany, Italy, Japan and the United Kingdom, increased by 234,000 to 21.7 million.

Approximately 123,000 people joined Canada’s unemployed in April, while in the US, about 102,000 were reported to be out of jobs, pushing the total unemployment levels in the world’s leading economic power to hit 9.8 million.

In the Euro area, the unemployment rate fell marginally to 8 percent, from 8.1 percent in March, but it's still 0.7 percentage point above the levels recorded prior to the pandemic (February 2020).

Above pre-pandemic levels

According to OECD, the latest unemployment rate is above the pre-pandemic rate observed in February 2020 and the first monthly increase since the April 2020 peak.

The think tank did not provide any reason behind the marginal rise in unemployment levels in the OECD area.

The world economy is now expected to grow faster this year following the massive rollout of COVID-19 vaccines and release of fiscal stimulus in major economies like the US.

“Global economic growth is now expected to be 5.8 percent this year, a sharp upwards revision from the December 2020 Economic Outlook project of 4.2 percent for 2021,” OECD said.

“The vaccines rollout in many of the advanced economies has been driving the improvement, as has the massive fiscal stimulus by the United States.”

According to Euromonitor International, the global economy is now expected to grow at its fastest rate in more than 40 years. However, it warned that the resurgence of COVID-19 cases in some countries could weigh on the economic performance in developing markets.


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