Spain stands out as the only OECD country with an unemployment rate above 11%. In July, it dipped slightly to 11.6%.
This week, the OECD released jobless numbers for its members. Greece just dipped under 11%, landing at 10.8%.
In July, the overall OECD jobless rate ticked up to 4.8%. This is a tiny rise from June’s record low of 4.7%.
In the Eurozone, the rate stayed at 6.4%. This marks a historic low for these countries.
Spain’s 11.6% rate is far from its 2007 low of 7.9%. That’s a difference of 3.7 percentage points.
Greece is also off its low, which was 7.5% in 2008. The gap is 3.3 percentage points there.
Luxembourg has a 3.4-point gap from its record low. It had a rate of 1.8% back in 2001, but now it’s at 5.2%.
No other OECD nation has unemployment in the double digits. Colombia, Costa Rica, Turkey, and Chile are the closest.
Colombia has a rate of 9.3%, Costa Rica 9.6%, Turkey 9.4%, and Chile 8.4%.
In total numbers, the U.S. leads with 5.8 million unemployed. However, its rate is only 3.5%.
Turkey is next, followed by Spain, Colombia, and France in the total number of unemployed people.
Background
The OECD, or Organisation for Economic Co-operation and Development, has tracked jobless rates since 2001.
Its data offers a snapshot of economic health among its member nations. Spain’s high unemployment is not a new trend.
The country has battled joblessness since the 2008 financial crisis. Other Eurozone countries have largely recovered, but Spain lags behind.
Greece was once in a similar situation but has shown improvement. Its economy and job market have been rebounding since 2018.
Luxembourg’s unemployment rate may seem high relative to its 2001 low. Yet, its small population makes the jobless rate more volatile.
The Eurozone’s low rate can be deceptive. Some countries, like Spain, skew the average higher.