The Organisation for Economic Co-operation and Development (OECD) employment and labour force participation rates increased to 69.6 per cent and 73.3 per cent in the fourth quarter (Q4) of 2022. This marks new record highs for the series that began in 2005 and 2008, respectively. Almost half of OECD countries reported record highs for both indicators, including Canada, France, Germany, and Japan.

In Q4 2022, the employment rate returned to its record high of close to 70 per cent in the euro area, and the European Union, its highest level since 2005. By contrast, it declined by more than 1.0 percentage point in Colombia and Lithuania, according to a statistics news release titled Labour Market Situation by the OECD.

In 2022, the number of men and women in employment increased across all age groups and reached its record high for both prime-age (aged 25-54) and older workers (aged 55-64). Despite a recent increase, the number of young men and women in employment in 2022 remained below its 2007 peak.

The OECD employment rate edged up to a record high of 62.5 per cent for women, while it was stable for the third consecutive month at its highest level of 76.7 per cent for men. The OECD labour force participation rate also reached its highest level of 66 per cent for women and remained stable for men at its pre-pandemic level of 80.6 per cent.

In February 2023, the unemployment rate remained at its record low in the OECD (4.8 per cent) and in the euro area (6.6 per cent). The unemployment rate was stable or decreased in more than 70 per cent of OECD countries, but close to its lowest level in only seven countries, including Canada, France, and Germany. It remained stable in Canada at 5.0 per cent in March 2023 for the fifth consecutive month, while it fell slightly to 3.5 per cent in the US.

Fibre2Fashion News Desk (NB)

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OECD employment rates rise to 69.6% in Q4 2022

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