November 14, 2023
The OECD unemployment rate was stable at 4.8% in September 2023, having remained below 5.0% since July 2022 (Figure 1 and Table 1). The unemployment rate rose in 16 OECD countries in September 2023, was unchanged in 11, and declined in 6 (Figure 2 and Table 1). The number of unemployed persons in the OECD increased to 33.3 million in September, its highest level in 2023, mainly driven by an increase in the number of unemployed men.
In September 2023, the OECD unemployment rates were broadly stable across all defined categories: men, women, youth (aged 15-24) and workers aged 25 and above (Figure 1, Tables 3 and 4). However, the youth unemployment rate remained close to or above 20% in 9 OECD countries in September and increased in 16. Pronounced increases of more than one percentage point were recorded in Korea, Czechia, Luxembourg, and Sweden.
In the euro area, the unemployment rate has hovered around 6.5 % since February 2023. In September, it was stable or increased slightly in all euro area countries except in Greece, where it has continued to decline rapidly to reach 10 %, its lowest level since August 2009. Spain’s unemployment rate remained the highest in the euro area in September.
The unemployment rate was broadly stable or edged up in OECD countries outside Europe (Table 1). More recent data show that the unemployment rate rose in Canada and the United States in October, reaching 5.7 % and 3.9 % respectively.