The OECD produces harmonised unemployment rates for OECD members based on the ILO definition of unemployment.
The UK harmonised unemployment rate for Q3 2018 was 4.1%. This was slightly above the rate of the US (3.8%), below that of France (9.1%) but above that of Germany (3.4%). The UK rate was the 13th lowest of the 36 OECD member countries.
The unemployment rate for the Eurozone fell to 7.9% in Q4 2018 from 8.0% in Q3 2018, and was unchanged for the G7 at 4.5%. The Q4 figure for the UK has not yet been published.
The majority of the OECD countries have seen a fall in the unemployment rate over the last year.
Greece had the highest unemployment rate out of the OECD member states for Q3 2018 (18.9%) followed by Spain at 15.0%.
The Czech Republic had the lowest unemployment rate in the OECD for Q2 2018 at 2.3%.
Youth (aged 15-24) unemployment is a major issue in many developed economies at present. In Q3 2018 youth unemployment was 37.5% in Greece, 34.3% in Spain and 32.0% in Italy. UK youth unemployment stood at 11.3%.
Read Full News Story » UK Economic Indicators January 2019