Both indicators were at or near their record highs in 13 of the 38 OECD countries, including France, Germany, Japan, and Turkiye. The employment rate exceeded the OECD average of 70.3 per cent in about two-thirds of OECD countries in Q3 2024, with the notable exceptions of Italy and France among G7 countries, OECD said in a press release.
OECD employment and labour force participation (LFP) rates remained steady at 70.3 per cent and 74 per cent, their highest since 2005 and 2008, respectively in Q3 2024.
Turkiye had the lowest employment rate (55.2 per cent), while Switzerland, the Netherlands, and Iceland exceeded 80 per cent.
In November, the OECD unemployment rate stayed at 4.9 per cent, stable since April 2022.
Turkiye remained the OECD country with the lowest employment rate, at 55.2 per cent. In contrast, employment rates were above 80 per cent in Switzerland, the Netherlands, and Iceland.
Employment rates were stable in 15 OECD countries compared with the previous quarter. They fell in 12, with the largest declines observed in Luxembourg and Chile, and rose in 11, with the largest increase in Costa Rica.
In Q3 2024, LFP rates for individuals aged 15 to 64 was higher than the OECD average of 74 per cent in almost three-quarters of OECD countries, while Turkiye, Mexico, and Italy recorded the lowest rates. Compared with Q2 2024, LFP rates were unchanged in 15 OECD countries, increased in 12, and decreased in 11.
-The OECD LFP rates for women and men were also stable at record highs of 67.1 per cent and 81 per cent, respectively. Men’s LFP rates exceeded that of women in all OECD countries, with a gap of more than 30 percentage points (pp) in Turkiye and Mexico. The smallest gaps were recorded in Estonia, Finland, and Sweden at less than 3 percentage points (pp).
In November 2024, the OECD unemployment rate held steady at 4.9 per cent, having been at or below 5.0 per cent since April 2022. The unemployment rate remained at record lows for the fourth month in a row in the European Union (5.9 per cent) and the euro area (6.3 per cent). Compared with October, November unemployment rates were unchanged in 22 OECD countries, declined in 5, and rose in 5.
Data for December 2024 shows that the unemployment rates remained broadly stable at 6.7 per cent in Canada and 4.1 per cent in the United States. In November 2024, the OECD unemployment rate was unchanged for both women and men and for younger workers and workers aged 25 and above, the release added.
Fibre2Fashion News Desk (SG)
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