OECD unemployment rate stable at 4.8% in April 2023 while youth unemployment hits record low

 

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08 June 2023 - The OECD unemployment rate remained at 4.8% in April 2023 for the third consecutive month (Figure 1 and Table 1). The monthly unemployment rate was unchanged in April 2023 in 10 OECD countries, declined in 14 and rose in 9. The rate was at or close to its record low in eight countries, including Canada, France, Germany, and the United States (Figure 2 and Table 1). The number of unemployed persons in the OECD declined to 33 million, close to the record low reached in July 2022.

In April 2023, the OECD youth unemployment rate (workers aged 15-24) declined for the second month in a row to 10.2%, its lowest value since 2005. It declined in 17 OECD countries with the largest falls observed in Sweden, Norway, the Czech Republic, Portugal, and Italy. The unemployment rate for both women and men was broadly stable, at 5.0% and 4.6% respectively, as was the rate for workers aged 25 and above (Figure 1, Tables 3 and 4).

In the euro area, the unemployment rate decreased slightly, reaching a new record low of 6.5% in April 2023. The unemployment rate was stable or decreased in all euro area countries except Austria, Estonia, Finland, and Greece. However, unemployment rates remain well above their lowest levels in Greece, Lithuania, Luxembourg, and Spain.

Outside Europe, Israel, Japan, Korea and the United States recorded a drop in the unemployment rate.In contrast, it increased in Australia, Colombia, and Mexico, although from a relatively low level in Australia and Mexico (Figure 2 and Table 1). More recent data show that the unemployment rate in the United States increased to 3.7% in May, from 3.4% in April 2023. 

     

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• Next publication date: 11 July 2023 - see all release dates
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