The OECD (Organisation for Economic Co-operation and Development) has recently published unemployment rates for its member countries. Mexico fares quite well; its rate of “open unemployment” so far this year has hovered around 5.5%. This is quite encouraging, since the average for the 31 OECD countries is around 8.7%. Note that these figures do not include “underemployment”.
The OECD members with the highest unemployment rates are Spain (19.7%), Slovakia (14.1%), Ireland (13.2%), Portugal (10.8%), Hungary (10.4%) and France (10.1%).
The lowest rates are in South Korea (3.7%), Netherlands (4.1%), Austria (4.9%), Japan (5.1%), Luxembourg (5.4%) and Australia (5.4%).
Mexico’s unemployment rate is more favorable than that of its NAFTA partners. Open unemployment is currently 8.1% in Canada and 9.7% in the USA.