Unemployment in OECD area drops to 5.2% in Feb

ANKARA

The unemployment rate in the Organization for Economic Cooperation and Development (OECD) area decreased to 5.2% in February.

The figure dropped for the first time below the pre-pandemic rate recorded in Feb. 2020 and saw the lowest level since the start of this data series in 2001.

"The number of unemployed workers in the OECD area also continued to fall, reaching 34.9 million, 0.7 million below its pre-pandemic level," the data indicated.

"The latest drop in unemployment is a continuation of a positive trend and welcome news for OECD countries. However, with increasing global uncertainty and geopolitical tensions, we will continue to monitor the situation closely," said OECD Chief Statistician Paul Schreyer.

The unemployment rate fell markedly in Canada, Korea, Sweden, and Turkiye, but just modestly in Australia, the US and Japan.

Colombia, the Czech Republic, and Mexico, in contrast, saw an increase.​​​​​​​