The employment rate for the OECD area (Organisation and Economic Cooperation and Development) stood at 70.1% in the third quarter of 2023, the highest since 2005.

At the same time, the labour force participation rates (LFPR) stabilised at 73.8% in the third quarter of 2023, the highest level recorded since 2008.

Both indicators (employment rate and LFPR) were at or near their record highs in nine of the 38 OECD countries, including France, Italy, and Japan. There were also record highs in both the OECD employment and participation rates for both women and men.

The employment rate exceeded 70% in almost two-thirds of OECD countries. However, the employment rate declined in 20 OECD countries in the third quarter of 2023, compared with declines in 17 OECD countries in the previous quarter. The largest declines were observed in Costa Rica, Iceland, and Finland. Türkiye remained the OECD country with the lowest employment rate, at 53.9%. 

In November 2023, the OECD unemployment rate remained at its record low (4.8%) for the ninth consecutive month and was broadly stable at record lows in the EU (5.9%) and the euro area (6.4%). The unemployment rate was unchanged in November in 20 OECD countries with available data, while seven countries registered drops and another six countries recorded increases in the unemployment rate. The December 2023 unemployment rate remained stable in both Canada and the US at 5.8% and 3.7%, respectively.

The OECD unemployment rate for men has remained below 5.0% since March 2022. It has been stable for women at 5.0% for five months in a row. The OECD youth unemployment rate (workers aged 15-24) was broadly stable the last two months, though 6.7% higher than the unemployment rate for workers aged 25 and above.