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The OECD produces harmonised unemployment rates for OECD members based on the ILO definition of unemployment.

The UK harmonised unemployment rate for Q3 2020 was 4.7%. This was above the rate of Germany (4.5%) but below that of the US (8.8%) and France (9.1%). The UK rate was the 8th lowest of the 36 OECD countries.

The unemployment rate for the Eurozone increased from 7.6% to 8.6% in Q3 2020, while in the G7 it fell from 8.6% to 7.0%.

All of the OECD countries have seen an increase in their unemployment rates since the coronavirus outbreak, although the size of the increase varies widely from country to country.

Colombia had the highest unemployment rate out of the OECD member states for Q3 2020 (17.7%) followed by Spain at 16.6%. The Czech Republic had the lowest unemployment rate in the OECD at 2.8%.

Youth (aged 15-24) unemployment is a major issue in many developed economies at present. In Q3 2020 youth unemployment was 41.5% in Spain, 36.5% in Greece and 30.5% in Italy. UK youth unemployment stood at 14.4%.


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