The OECD (Organisation for Economic Co-operation and Development) unemployment rate was broadly stable at an estimated 4.85% in October 2023, compared to September’s estimated rate of 4.82%.

The rate has remained below 5.0% since July 2022, the OECD noted.

Overall, the unemployment rate rose in 14 OECD countries in October, was unchanged in nine, and declined in 10. The number of unemployed persons in the OECD increased to 33.4 million in October, its highest level in 2023.

In the euro area, the unemployment rate has been stable at 6.5% since February 2023. In October, it was stable or increased slightly in 12 of the 17 OECD euro area countries. By contrast, pronounced decreases were recorded in Austria, Lithuania, and Greece, bringing the Greek unemployment rate below 10% for the first time since August 2009. Spain’s double-digit unemployment rate remained the highest in the euro area in October.

Outside Europe, unemployment rates were stable or rose slightly in Australia, Canada, and the US. The unemployment rate also remained stable in South Korea and Mexico. A pronounced increase was recorded in Colombia.

In Israel, the unemployment rate declined by 0.1% to 3.1%. In Japan it also fell by 0.1% to 2.5%. In Turkey the rate fell to 8.5% from 9.0%.

More recent data show that in November the unemployment rate rose further to 5.8% in Canada and decreased in the US to 3.7% from 3.9% in October.