These record-breaking numbers were reflected in 19 out of 38 OECD countries, including France, Germany, Italy, and Japan. Contrastingly, Turkiye recorded the lowest employment rate among OECD countries at 53.6 per cent, OECD said in a media release.
Out of all the OECD countries, seven saw a decline in employment rates. The employment rate exceeded 70 per cent in approximately two-thirds of the OECD countries, with new peaks in the euro area and the European Union.
The data also revealed increased employment rates for both women (63.2 per cent) and men (77.0 per cent), both all-time highs. Similarly, the labour force participation rate for women and men reached new peaks at 66.7 per cent and 80.9 per cent, respectively.
As of August 2023, the OECD's unemployment rate remained at a record low of 4.8 per cent. However, the youth unemployment rate (for workers aged 15-24) increased by 0.5 percentage points compared to its lowest recorded rate in April 2023. Unemployment rates in five OECD countries, including Sweden and the United States, rose, remained unchanged in 14, and declined in 13. September 2023 saw stable unemployment rates in both Canada and the United States, at 5.5 per cent and 3.8 per cent respectively.
ALCHEMPro News Desk (KD)
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