The OECD unemployment rate remained unchanged at 4.9% in September 2024, having been at or just below 5.0% for 30 consecutive months (Figure 1.1). Compared to August, the unemployment rates were unchanged in September in 26 OECD countries, while rising in 4 and declining in 2. Six OECD countries recorded an unemployment rate below 3.0% while only Spain registered a double-digit rate (Figure 2). The number of unemployed persons in the OECD decreased slightly to a total of 34 million, with the largest drop recorded in the United States.
In the European Union and the euro area, the unemployment rate remained at record lows of 5.9% and 6.3%, respectively, in September. The unemployment rate was stable in about three-quarters of the 17 OECD euro area countries and continued to fall in Greece, where its cumulative drop since the start of 2024 reached almost 2 percentage points (p.p.). In September 2024, the unemployment rate rose in Austria and Finland.
Outside Europe, unemployment rates were stable in almost all OECD countries in September. Only Colombia recorded a decrease. Compared with the beginning of 2024, the unemployment rates have however increased in Canada and the United States, decreased in Israel and Korea and remained stable in Australia, Japan, and Mexico. Data for October 2024 shows that the unemployment rate in Canada and the United States were unchanged at 6.5% and 4.1% respectively compared to September but were 0.8 and 0.4 p.p. higher than in January 2024.
OECD unemployment rates for both women and men, were broadly stable in September 2024 at 5.1% and 4.7%, respectively. The unemployment rate for women exceeded that of men in the OECD, the European Union, and the euro area, but the unemployment rate was higher for men in the G7 area and in about 40% of the 38 OECD countries in September 2024 (or in the latest period available). With an unemployment rate for men exceeding that of women by 3.4 p.p., Latvia has the largest gender gap in favour of women in the OECD, while Türkiye has the largest one in favour of men, with a 5.6 p.p. difference (Figures 3.1 and 3.2).
In September 2024, the OECD unemployment rate was broadly unchanged among workers aged 25 and above while it declined slightly among younger workers (aged 15-24). However, the youth unemployment rate has risen by 0.7 p.p. since January 2024. It remained above 20% in 8 OECD countries in September (or in the latest available period). The youth unemployment rate increased by more than 1.0 p.p. compared to August in Czechia, Finland, Hungary, Norway, Portugal, and Sweden.
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- Next release: 11 December 2024
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