OECD unemployment rate at 4.9% in July 2026, its lowest level in a year

The OECD reported a drop in the unemployment rate to 4.9% in July 2026, marking its lowest level in a year. The number of unemployed individuals fell to 34.7 million, the lowest since records began. Unemployment rates remained steady at 6.1% in the European Union and 6.4% in the euro area, while Japan, Mexico, and Korea had rates below 3.0%.

However, Finland and Spain reported double-digit unemployment rates, with Finland nearly 5 percentage points above its historic low. Youth unemployment also declined to 11.0%, with double-digit rates in 30 OECD countries, including several in the European Union.

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