The unemployment rate in the OECD (Organisation for Economic Co-operation and Development) was stable in September 2022 at 4.9% when compared to August 2022 (also 4.9%).

This rate was 0.4% below its pre-pandemic level (February 2020).

The OECD unemployment rate was broadly stable in September for both women and men, at 5.1% and 4.6% respectively, as well as for workers aged 25 and above. However, the unemployment rate for younger workers slightly increased over the last two months, reaching 10.8% in September.

In the euro area, the unemployment rate decreased slightly, by 0.1%, to 6.6% in September reaching its lowest level since the start of the series in 1990. The unemployment rate was stable or decreased in 80% of euro area countries, with the largest declines observed in Austria, France, Greece and Lithuania.

Outside Europe, the unemployment rate fell in Canada, Mexico and the US and was broadly stable in Japan. By contrast, it increased in Israel and South Korea. More recent data show that in October 2022, the unemployment rate was stable at 5.2% in Canada while it increased to 3.7% in the US from 3.5% in September.

Spain (12.7%), Greece (11.8%) and Colombia (11.3%) all reported the highest unemployment rates in September. On the other hand, Czech Republic saw the lowest rate.

Gross domestic product (GDP) in the OECD rose by 0.4% quarter-on-quarter in the third quarter of 2022, according to provisional estimates, though the OECD noted that quarterly growth rates have remained weak for the past three quarters.