It's All Relative

Current unemployment rates in selected OECD countries:

France 8.6% (lowest rate in 6 years)
Germany 8.0% (lowest rate in 5 years)
Belgium 8.2% (lowest rate in 2.5 years)
OECD Europe 7.6% (the lowest rate in this series' history, which goes back to 1987).

Mississippi 7.5% (highest in the U.S.)

Bottom Line: Even though OECD's Europe's unemployment rate is at all-time low, it would rank #51 as a U.S. state, behind Mississippi's jobless rate of 7.5%. Even in its worst recession, or even in its worst state, the U.S. economy outperforms most other economies in their best years.