OECD unemployment rate stays at record low of 4.9% in Jan 2023

In January 2023, the OECD unemployment rate for women fell slightly from 5.2 per cent to 5.1 per cent, now 0.5 percentage point higher than the rate for men, which remained broadly stable, according to a news release.

However, the aggregate gender gap between women and men in the OECD area masks wide differences across countries. Relative to men, the unemployment rate for women was higher in 18 OECD countries, with the largest gender gaps recorded in Colombia, Costa Rica, Greece, Spain, and Turkiye.

By contrast, the unemployment rate for women was lower in 16 OECD countries. No gender gap was observed in January 2023 in Austria, Hungary, Mexico, and Norway. The OECD unemployment rate was broadly stable for younger workers and workers aged 25 and above.

In the European Union and the euro area, the unemployment rate remained stable, close to their records low, at 6.1 per cent and 6.7 per cent, respectively. The unemployment rate was stable or decreased in half of the euro area countries. The largest decline was observed in Greece, where the unemployment rate reached its lowest level since December 2009, returning to the declining path observed since January 2022. However, Lithuania and Portugal recorded marked increases.

Outside Europe, the unemployment rate fell in Korea and Turkiye, and was broadly stable in the other non-European OECD countries. By contrast, it increased in Australia and New Zealand. More recent data show that in February 2023 the unemployment rate edged up to 3.6 per cent in the US while it remained unchanged for the third consecutive month at 5.0 per cent in Canada.

ALCHEMPro News Desk (NB)