The unemployment rate in developed countries was stable at 7.9 per cent in April 2012, according to the latest release by OECD.
There were 47.3 million unemployed people in the OECD area in April, about 200,000 less than the previous month, but 14.6 million more than in April 2008. Youth unemployment was at 16.1 per cent, with at least 12 million youths out of jobs.
Spain which has the highest unemployment rate in the euro area saw its rate rise to 24.3 per cent, up from 24.1 per cent the previous month. Meanwhile, Portugal’s unemployment rate climbed to 15.2 per cent in April, rising 0.1 percentage point and Ireland’s was down 0.2 pp to 14.2 per cent.
But the differences between OECD member countries is large, with Spanish unemployment at 24.3 per cent at one end of the spectrum, and Korea at the other end with a 3.4 per cent unemployment rate.
Now here’s a chart from the OECD showing the historical divergence in unemployment rates across OECD members: