Euro area unemployment hits record high

Unemployment in the euro area hit a record high in May 2013, up 0.1 percentage points to 12.2 per cent, according to research by the Organisation for Economic Cooperation and Development (OECD).

Across all member countries, unemployment was flat at eight per cent, while youth unemployment fell 0.1 percentage points to 16.3 per cent – 1.0 per cent below the October 2009, but 3.3 percentage points above its pre-crisis level. In total, 48,518 people were unemployed in May.

The OECD countries with the highest unemployment rates in May were Spain (26.9 per cent) and Portugal (17.6 per cent), while the lowest rates were in Japan (4.1 per cent) and Belgium (4.7 per cent). There was not up-to-date data for the UK and a number of other countries including Greece, Italy, Turkey and Switzerland.