The unemployment rate for the OECD (Organisation for Economic Co-operation and Development) was stable at 4.8% in December 2023, having remained below 5.0% throughout 2023.

The rate was unchanged in 21 OECD countries in December, rose in seven countries, and declined in five countries. The unemployment rate was more than 3.5% above its record low in Luxembourg and Spain.

In December 2023, the OECD unemployment rates for women and men were broadly stable, at 5.0% and 4.7%, respectively. The same holds for younger workers (aged 15-24) and those aged 25 and above. The youth unemployment rate recorded the largest increases in Austria, Czechia, Iceland, and Sweden. Youth unemployment rates close to or above 20% were recorded in 10 OECD countries.

Meanwhile, in the European Union and the euro area, the unemployment rate remained at record lows of 5.9% and 6.4%, respectively. In December, it was stable or decreased slightly in most OECD euro area countries. In Austria it increased markedly to 5.6% from 4.9% the month prior.

Outside the European OECD countries, unemployment rates in December 2023 were stable or increased. The largest rises were recorded in Colombia and Korea. In Colombia, the rate rose to 10.8% from 10.3%. Notably, in South Korea the rate increased to 3.3% from 2.8%.

 In January 2024, the unemployment rate remained stable at 3.7% for the third consecutive month in the US, while it declined for the first time since December 2022 in Canada, to 5.7%.

In 2023, the number of unemployed persons continued to decline for the third consecutive year, reaching 33.2 million, the lowest annual level since the series started in 2001. The number of unemployed workers reached annual record lows in Israel, Latvia, Poland, and Slovenia.