“The rise in unemployment rates has been particularly acute since the 2015-2016 economic recession, and has further worsened as COVID-19 led to the worst recession in four decades in 2020. Unemployment rate forecast is defined as the projected value for the number of unemployed people as a percentage of the labour force, where the latter consists of the unemployed plus those in paid or self-employment. 09/09/2020 - The OECD area unemployment rate fell to 7.7% in July 2020, from 8.0% in June, but remained 2.5 percentage points above the rate in February, before the COVID-19 pandemic hit the labour market. Unemployment rates by age, sex, race, and Hispanic or Latino ethnicity [Percent] NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. ACCRA, September 29, 2020 — A new World Bank report titled “Youth Employment Programs in Ghana: Options for Effective Policy Making and Implementation” identifies agribusiness, entrepreneurship, apprenticeship, construction, tourism and sports as key sectors that can offer increased employment opportunities for Ghanaian youth. Projected Unemployment Rate in 2020: 2.4 percent The unemployment rate in Vietnam is among the lowest in the world, but that doesn't translate into overall economic strength. Download the entire news release (graphs and tables included PDF) 09/06/2020 - The OECD unemployment rate increased by an unprecedented 2.9 percentage points in April 2020 to 8.4%, compared to 5.5% in March, reflecting the impact of Covid-19 containment measures. The International Labor … The statistic shows the unemployment rate in selected world regions between 2015 and 2020. License : CC BY-4.0. Range: 2 to 16. For 25- to 34-year-olds overall, the unemployment rate decreased from 11 percent in 2010 to 5 percent in March 2020. The weekly numbers are coming down, but remain almost seven times the worst week of the Great Financial Crisis. The metric indicates that about 1 in 9 Americans in the labor force can't find work. Laos has made headway in poverty reduction, with the poverty rate almost halving from 46% in 1992/93 to 22% in 2012/13. The nearby chart, which starts with July 2018, illustrates. The highest rate of U.S. unemployment was 24.9% in 1933, during the Great Depression. Nigeria’s unemployment rate rose to 27.1% in the second quarter of 2020, the National Bureau of Statistics said on Friday. United Nations: Global unemployment is projected to increase by around 2.5 million in 2020 and almost half a billion people are working fewer paid hours than they would like or lack adequate access to paid work, according to UN's International Labour Organization report. The wide range partly reflects the challenge of measuring unemployment when shelter-in-place restrictions prevent active job search in much of the country. The statistic shows the unemployment rate in selected world regions between 2015 and 2020. The monthly fall for the OECD as a whole masks strong regional differences. This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - Unemployment Rate. Looking at all countries, developing and underdeveloped economies dominated both extremes. Qatar (0.6 per cent), Thailand (0.97 per cent) and Singapore (2 per cent) had the world’s lowest unemployment rates, while Namibia (51.2 per cent), Kenya (40 per cent) and Macedonia (31.6 per cent) had the highest rates. Between 2010 and 2020, the unemployment rate rose five-fold, from 6.4 percent in 2010 to 33.3 percent in 2020. During these years, a decline in the unemployment rates was observed at each level of educational attainment. 1 Unemployment remained above 14% from 1931 to 1940. The uniform application of this definition results in estimates of unemployment rates that are more internationally comparable than estimates based on national definitions of unemployment. The annual unemployment rate in 2020 reached a record-high 10.3% versus the 5.1% in 2019. Between 2010 and 2020, the unemployment rate rose five-fold, from 6.4 percent in 2010 to 33.3 percent in 2020. E-16. According to the Survey, the World unemployment rate was at level of 6.5 % in 2020, up from 5.4 % previous year. Updated on June 23, 2021 : … 1. Hispanic women have experienced an especially steep rise in their unemployment rate, which jumped from 5.5% to 20.5% between February and April 2020. Data retrieved on June 15, 2021. “The rise in unemployment rates has been particularly acute since the 2015-2016 economic recession, and has further worsened as COVID-19 led to the worst recession in four decades in 2020. Try our corporate solution for free! Skip to main content. Line Bar Map. From 6.4 percent in 2010 to 33.3 percent at the end of 2020, the Bank said the significant increase affected Nigerian youth in their quest to find gainful employment opportunities. The seasonally adjusted number of persons unemployed was 170,100 in June 2021, compared to 174,100 in May 2021. 1995 2000 2005 2010 2015 2020 % 4.0 4.5 5.0 5.5 6.0 6.5 7.0 World. By September 2020, the unemployment rate decreased to 7.9%. New Zealand: 6% (Limited data available in Oceania) The first and most glaring insight from our visual is how astonishingly high the unemployment rate is around much of the world. Youth unemployment rate in the region is about 25 per cent, among the highest in the world, according to the most common estimates. The number of unemployed across the OECD area, which now includes Colombia [1], rose by 2.1 million to 37 million in March. The highest rate of U.S. unemployment was 24.9% in 1933, during the Great Depression. The unemployment rate decreased by 0.2 pts to 4.9%; The unemployment rate was 2.4 pts lower than June 2020, and 0.4 pts lower than March 2020; Unemployed people decreased by 22,000 to 679,100 Unemployed people decreased by 303,700 from June 2020 and was 44,400 lower than March 2020; The youth unemployment rate decreased by 0.5 pts to 10.2% Labour income losses Global labour income (before taking into account income support measures) in 2020 is This page provides values for Unemployment Rate reported in several countries part of G20. It remained in the single digits until September 1982 when it reached 10.1%. August 14, 2020. Nigeria’s unemployment rate rose to 27.1% in the second quarter of 2020, the National Bureau of Statistics said on Friday. The unemployment rate is improving. — Steve Liesman (@steveliesman) April 23, 2020 74.99. In March, the National Bureau of Statistics (NBS) […] The current rate of unemployment in Nigeria has risen five fold from 6.4 percent in 2010, hitting 33.3 percent as of the last quarter of 2020, according to National […] This is the first time in six quarters that the country's unemployment data has been published. The unemployed are people of working age who are without work, are available for work, and have taken specific steps to find work. Unemployment rate. 2 By comparison, the unemployment rate for Hispanic men rose from 4.3% to 16.9% during this time. The number of employed workers will reach 62.91m in 2020-21 from 62.18m in 2019-20. The World Bank stated that the high unemployment rate in Nigeria was driven by the 2016 recession, which lasted for a year, and COVID-19 pandemic which also pushed Nigeria's economy into a short-term recession in 2020, forcing companies to cut-out jobs. It remained in the single digits until September 1982 when it reached 10.1%. But the unemployment rate for Gen Z is more than double that, at over 38%. Other recent projections of the April unemployment rate span a very wide range (Faria-e-Castro 2020, Wolfers 2020, Coibion, Gorodnichenko, and Weber 2020, and Bick and Blandin 2020). Figure 2 shows a clear, positive relationship between unemployment rates in 2006 and 2018: lower unemployment rates in 2006 are associated with lower unemployment rates in 2018. Record rise in OECD unemployment rate in April 2020 . 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