OECD logs record-low number of unemployed people in 2023

Unemployment rate stays at 4.3% in December 2023

OECD logs record-low number of unemployed people in 2023

The number of unemployed persons dropped to a record-low 33.2 million in 2023 for member-states of the Organisation for Economic Co-operation and Development (OECD).

The figure continues the decreasing trend of unemployed persons for a third consecutive year and marks the lowest annual level since the record began in 2001, according to the OECD.

The organisation said record-low numbers of unemployed people were recorded in Israel, Latvia, Poland, and Slovenia in 2023.

OECD unemployment rate

Overall, unemployment rate for its members-states remained unchanged at 4.8% in December 2023, with the figure staying below five per cent throughout the year.

Only seven countries recorded an increase in unemployment rate, according to the OECD, with the largest increases recorded in Colombia and Korea.

Five nations recorded a decline in unemployment rate, while it remained unchanged for 21 members for December, the OECD reported.

By region, the OECD said the unemployment rate at the European Union and the euro area also stayed at record-lows, with 5.9% and 6.4%, respectively.

"In December, it was stable or decreased slightly in all OECD euro area countries except in Austria where it increased markedly," the OECD said in its media release.

By gender, age

Meanwhile, unemployment rates for women remained broadly stable at five per cent in December 2023. The same could be said for men with a 4.7% unemployment rate, according to the OECD.

By age, youth unemployment rate went up the most in Australia, Czechia, Iceland, and Sweden.

"Youth unemployment rates close to or above 20% were recorded in 10 OECD countries," the organisation said.

The record-low findings came amid warnings from the International Labour Organisation that global unemployment rate will likely go up to 5.2% in 2024.

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