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This consistency was observed despite varied movements within individual nations, with 21 OECD countries seeing no change in their unemployment rates, while 7 experienced increases and 5 witnessed declines. Notably, Luxembourg and Spain saw rates more than 3.5 percentage points above their record lows.
The overall number of unemployed persons within the OECD decreased for the third consecutive year, hitting a new low of 33.2 million in 2023, the lowest figure since records began in 2001. This decline was particularly pronounced in countries like Israel, Latvia, Poland, and Slovenia, which all saw record lows in their respective unemployment rates, OECD said in a media release.
Gender and age disparities in unemployment rates remained relatively stable, with rates for both men and women hovering around 4.7 per cent and 5.0 per cent, respectively. However, youth unemployment rates saw significant increases in several OECD countries, with Austria, Czechia, Iceland, and Sweden experiencing the largest jumps. Alarmingly, 10 OECD nations reported youth unemployment rates at or above 20 per cent.
In the European Union and the euro area, unemployment rates remained at historic lows of 5.9 per cent and 6.4 per cent, respectively, with most countries either maintaining stability or experiencing slight decreases. However, Austria stood out with a marked increase in its unemployment rate.
Outside of Europe, unemployment rates either remained stable or increased, with notable rises observed in Colombia and Korea. Meanwhile, in January 2024, the United States saw its unemployment rate hold steady at 3.7 per cent for the third consecutive month, while Canada experienced its first decline since December 2022, dropping to 5.7 per cent.
Fibre2Fashion News Desk (KD)