Variation in Employment Trends Highlights Mixed Paths to Recovery
In July, unemployment rates remained mixed in Europe, according to unemployment rates and employment growth data compiled and standardized by The Conference Board International Labor Comparisons (ILC) program.
Unemployment decreased in Germany (from 5.0 to 4.9 percent), the Netherlands (from 6.8 to 6.7 percent) and Sweden (from 7.9 to 7.7 percent), but increased in France (from 9.8 to 9.9 percent) and Italy (from 12.5 to 12.7 percent).
"The variation in recent unemployment trends throughout Europe – remaining elevated and increasing in France and Italy while gradually coming down in the Netherlands and Sweden – highlights the mixed paths toward labor market recovery in the region," said Elizabeth Crofoot, Senior Economist with the International Labor Comparisons program at The Conference Board. "Contrary to most other European markets, Germany shows signs of existing labor market shortages given an overall upward trend in employment and historically low and declining unemployment rates, dipping below 5 percent for the first time since unification in 1991."
In the U.S., joblessness rose (from 6.1 to 6.2 percent) after four straight months of steady or declining unemployment. Australia and Japan also saw the unemployment rate rise, while remaining stable in Canada. While Japan's unemployment rate remains the lowest of all countries compared (3.2 percent) and has largely been on a downward trend since September 2013, it has increased in the previous two consecutive months.