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Jobless rate remains at record low: OECD

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Home News Research and Markets Jobless rate remains at record low: OECD


JOBLESS RATE REMAINS AT RECORD LOW: OECD

Employment readings largely stable to close 2023

 * By: James Langton
 * January 18, 2024 January 18, 2024
 * 12:59

 * 

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iStockphoto/tadamichi



James Langton

The labour market remained tight to end 2023, with the jobless rate sticking at
its record low level in November, the Organization for Economic Cooperation and
Development (OECD) reports.

The unemployment rate for the OECD came in at 4.8% for the ninth consecutive
month, as the rate in 20 countries was unchanged, while seven countries saw
their rates decline, and six registered increases.

More recent data for Canada and the U.S. showed continued stability in the
jobless rate, which was unchanged for both countries in December, at 5.8% and
3.7%, respectively.





The rate was also broadly stable at record lows in the European Union at 5.9%,
the OECD noted.





The Paris-based group reported that in the third quarter of 2023, the labour
force participation rate for the OECD area came in at 73.8% and the employment
rate was 70.1%, which are also record levels for these metrics.




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Keywords Economic indicators,  Employment,  Inflation,  Interest rates, 
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Organisation for Economic Co-operation and Development

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