The OECD employment and labour force participation rates reached 70.1% and 73.7% in the second quarter of 2023, the highest levels recorded since the start of the series in 2005 and 2008.
Record highs were reported for both indicators in 19 of the 38 OECD countries, including France, Germany, Italy, and Japan.
In the second quarter of 2023, the employment rate exceeded 70% in just above two-thirds of OECD countries, reaching record highs in the euro area, and the European Union as a whole.
By contrast, the employment rate declined in seven OECD countries, including Türkiye which recorded the lowest employment rate among OECD countries at 53.6%.
The OECD employment rate increased for both women and men, to record highs of 63.2% and 77.0% respectively. The OECD labour force participation rate also reached its highest level for women (66.7%) and men (80.9%).
In August 2023, the unemployment rate remained at its record low in the OECD (4.8%), the European Union (5.9%), and the euro area (6.4%).
However, the OECD youth unemployment rate (workers aged 15-24) increased by 0.5 percentage point compared to its lowest rate recorded in April 2023, mainly driven by a rise in the youth unemployment rate for men.
The unemployment rate rose in 5 OECD countries – Sweden, the United States, Colombia, Estonia, and Luxembourg –, was unchanged in 14 and declined in 13. The unemployment rate remained stable in September 2023 in both Canada and the United States at 5.5% and 3.8% respectively.
