September 19,2023

The OECD unemployment rate was broadly stable at 4.8% in July 2023, remaining below 5.0% for over a year. The unemployment rate rose in 15 OECD countries in July 2023, including Denmark, Lithuania, and Austria, was unchanged in 9 and declined in 9. Unemployment was at or close to its record low in only five countries in July, including Germany and the United States. The number of unemployed persons in the OECD increased to 32.9 million in July but remained close to its minimum reached in April 2023.

In July 2023, the OECD youth unemployment rate (workers aged 15-24) edged up to 10.5%, from 10.3% in June. It rose in 14 OECD countries, with the largest increases observed in Finland, Austria, Denmark, Israel, Mexico, and the United States. The unemployment rates for women and men, as well as for workers aged 25 and above were broadly stable.

In the European Union and the euro area, the unemployment rate remained at record lows of 5.9% and 6.4%, respectively. It was stable or increased in all euro area countries except Greece, Slovenia, Belgium, Ireland, and Spain. The unemployment rate remained well above its record low in Estonia, Greece, Luxembourg, and Spain.

Outside Europe, the unemployment rate rose slightly in Mexico, Australia, Japan, Korea, and Canada. By contrast, it declined in Türkiye, Israel, and the United States. More recent data show that the unemployment rate remained stable in Canada at 5.0% in August and picked up in the United States to 3.8% from 3.5% in July 2023.

Source: OECD
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