OECD employment rate remains at record high in the third quarter of 2023

 

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18 Jan 2024 - OECD employment and labour force participation rates stabilised at 70.1% and 73.8% in the third quarter of 2023, the highest levels recorded since the start of the series in 2005 and 2008, respectively. Both indicators were at or near their record highs in 9 of the 38 OECD countries, including France, Italy, and Japan (Figure 1, Tables 1 and 2). Record highs in both the OECD employment and participation rates were achieved for women and men (Figure 2).

The employment rate exceeded 70% in almost two-thirds of OECD countries. However, the employment rate declined in 20 OECD countries in the third quarter of 2023, compared with declines in 17 OECD countries in the previous quarter. The largest declines were observed in Costa Rica, Iceland, and Finland. Türkiye remained the OECD country with the lowest employment rate, at 53.9%.

In November 2023, the OECD unemployment rate remained at its record low (4.8%) for the ninth consecutive month and was broadly stable at record lows in the European Union (5.9%) and the euro area (6.4%). The unemployment rate was unchanged in November in 20 OECD countries with available data, while 7 countries registered drops and another 6 countries recorded increases in the unemployment rate (Figure 3, Table 3). The December 2023 unemployment rate remained stable in both Canada and the United States at 5.8% and 3.7%, respectively.

The OECD unemployment rate for men has remained below 5.0% since March 2022. It has been stable for women at 5.0% for five months in a row. The OECD youth unemployment rate (workers aged 15-24) was broadly stable the last two months, though 6.7 percentage points higher than the unemployment rate for workers aged 25 and above (Figure 3, Tables 5 and 6).

 

 

     

 

     

       

• Next publication dates:
  - Unemployment: 15 February 2024 - see all release dates
  - Labour Market Situation: 17 April 2024
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