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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 Q1 2024 was 4.3%. This was above Germany (3.2%) and the US (3.8%) but below France (7.4%).

The Eurozone’s rate was 6.5% in Q4 2023, while in the G7 it was 4.2%.

Unemployment rates rose in almost all the OECD countries following the coronavirus outbreak, although the size of the increase varied widely.

Spain had the highest unemployment rate out of the OECD member states in Q1 2024 at 11.8%, followed by Columbia at 10.8%. Japan had the lowest at 2.5%.

Youth (aged 15-24) unemployment is a major issue in many developed economies at present. In Q1 2024 the youth unemployment rate was 27.7% in Spain and 24.2% in Sweden. It was 13.0% in the UK.

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