The Organization for Economic Development and Cooperation (OECD) anticipates an unemployment rate of up to 9.4 percent for the OECD member states for the fourth quarter of this year. That would be the highest value since the Great Depression of the 1930s, according to the organization's current employment outlook.
In May, the unemployment rate was 8.4 percent. That is 54.5 million people without a job. If there were to be a second wave of infection, the experts even anticipate an increase to 12.6 percent. At the end of 2019, the number averaged 5.3 percent.
Compared to April, the rate dropped by a tenth in May. This can be explained by contradicting developments: in the United States, a large number of redundant workers have returned to work, while in many other countries unemployment is rising or threatening to solidify.
Women in particular work in sectors that are particularly affected
The corona crisis was hit hardest by low-wage earners, according to the OECD. Upper income workers were 50 percent more likely to work from home during a lockdown. Low-income workers, on the other hand, lost their jobs twice as often, according to the OECD.
At the start of the pandemic, the number of hours worked in the OECD countries for which data were available had decreased significantly. In the first three months of the Corona crisis, it fell ten times more than in the first three months of the 2007 financial crisis.
According to the report, women work in sectors particularly affected by the corona crisis, often in precarious jobs. Self-employed, temporary and part-time workers are also at risk of losing their jobs.