In 2021-Q1, the average unemployment rate among OECD countries declined by 0.3 percentage points relative to the previous quarter to 6.7%, but it is still significantly higher than in 2020-Q1. Labour markets are gradually recovering from the pandemic crisis as economic activity transits towards normalcy, leading to a decrease in unemployment. A noteworthy exception is Switzerland, where the (SECO-based) unemployment rate increased by 0.24 percentage points relative to the previous quarter and by 0.9 percentage points relative to the first quarter of 2020, reaching almost 3.6%. According to the OECD economic outlook, unemployment is expected to decline further, reaching 5.7% among OECD countries by the end of 2022.
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