While headlines splash the latest unemployment rate, the truth is the global job market is a tale of stark contrasts, from near-record low unemployment in some nations to staggering highs in others, alongside hidden layers of underemployment and persistent disparities.
Key Takeaways
- As of May 2024, the U.S. unemployment rate stood at 4.0%, with 6.6 million people unemployed
- In the Euro Area, the unemployment rate was 6.4% in April 2024, the lowest since July 2008
- Youth unemployment (ages 15-24) in the OECD countries averaged 11.2% in 2023
- U.S. manufacturing sector employment grew by 6,000 in May 2024, reaching 12.98 million
- Healthcare and social assistance added 60,000 jobs in the U.S. in May 2024
- U.S. leisure and hospitality employment increased by 48,000 in May 2024
- U.S. median weekly earnings for full-time wage and salary workers were $1,194 in Q1 2024
- In the EU, average gross hourly earnings were €28.5 in 2022
- U.S. workers with doctoral degrees earned median $2,083 weekly in Q1 2024
- U.S. total nonfarm payroll employment increased by 272,000 in May 2024
- U.S. job openings totaled 8.06 million in March 2024 per JOLTS
- Global job postings on LinkedIn grew 15% YoY in Q1 2024
- U.S. labor force participation rate was 62.6% in May 2024
- U.S. prime-age (25-54) participation rate 83.5% in May 2024
- EU labor force participation rate 15-74 years was 66.9% in 2023
Global job markets show varied recovery with ongoing unemployment challenges and some sector growth.
Employment by Sector
- U.S. manufacturing sector employment grew by 6,000 in May 2024, reaching 12.98 million
- Healthcare and social assistance added 60,000 jobs in the U.S. in May 2024
- U.S. leisure and hospitality employment increased by 48,000 in May 2024
- Construction employment in the U.S. rose by 25,000 in May 2024
- Retail trade lost 9,000 jobs in the U.S. in May 2024
- In the EU, services sector accounted for 73.2% of total employment in 2023
- U.S. professional and business services added 33,000 jobs in May 2024
- Agriculture employment in India was 45.5% of total workforce in 2023-24
- UK's financial services sector employed 1.17 million people in 2023
- U.S. government employment increased by 15,000 in May 2024
- Transportation and warehousing in U.S. added 24,000 jobs in May 2024
- Education sector in Australia employed 9.8% of workforce in 2023
- Mining sector in Canada had 2.1% employment share in 2023
- Germany's manufacturing employment was 19.8% of total in 2023
- Brazil's services sector employment was 68.5% in 2023
- Japan's retail trade employment was 14.2% of workforce in 2023
- France's construction sector employed 5.1% in 2023
- Information sector in U.S. lost 5,000 jobs in May 2024
- Mexico's manufacturing employment share was 20.1% in 2023
- Italy's tourism-related employment was 13% in 2023
- Sweden's IT and telecom sector grew 3.2% in employment in 2023
- Wholesale trade in U.S. added 5,200 jobs in May 2024
- South Africa's informal sector employment was 32% in Q1 2024
- Other services in U.S. added 9,000 jobs in May 2024
- Financial activities in U.S. added 5,000 in May 2024
- Utilities sector in Canada employed 0.6% in 2023
Employment by Sector Interpretation
The global job market is a symphony where services are playing a fortissimo, manufacturing is holding its delicate melody, and retail is currently dropping its sheet music.
Job Growth
- U.S. total nonfarm payroll employment increased by 272,000 in May 2024
- U.S. job openings totaled 8.06 million in March 2024 per JOLTS
- Global job postings on LinkedIn grew 15% YoY in Q1 2024
- EU created 1.2 million jobs in 2023
- India's EPFO added 19.34 lakh net new payrolls in April 2024
- U.S. healthcare sector projected to add 1.8 million jobs by 2032
- UK vacancies fell to 736,000 in Jan-Mar 2024
- Canada added 26,800 jobs in May 2024
- Australia's employment rose by 39,600 in April 2024
- Germany's job vacancies were 701,000 in March 2024
- Brazil added 277,000 formal jobs in April 2024
- Japan nonfarm payrolls increased 168,000 in April 2024
- France created 200,000 net jobs in 2023
- Mexico employment grew 3.2% YoY in March 2024
- U.S. software developers projected 25% growth 2022-2032
- Italy job openings rate 2.9% in Q1 2024
- Sweden employment up 0.8% YoY in Q1 2024
- South Africa formal non-agri jobs up 58,000 in Q1 2024
- U.S. quits rate 2.1% in March 2024 per JOLTS
- Spain created 240,000 jobs in 2023
- LinkedIn top growing job U.S. sustainability specialist 374% growth 2015-2024
- Netherlands job vacancies 3.3% of labor force in Q1 2024
- Wind turbine technicians U.S. projected 45% growth 2022-2032
- Poland employment growth 2.1% in 2023
Job Growth Interpretation
The global job market is a cacophony of robust growth and cautious retreats, where surging demand for wind turbine technicians and software developers suggests we're feverishly building both the future and the code to manage it, even as some economies quietly catch their breath.
Labor Participation
- U.S. labor force participation rate was 62.6% in May 2024
- U.S. prime-age (25-54) participation rate 83.5% in May 2024
- EU labor force participation rate 15-74 years was 66.9% in 2023
- Women's labor force participation in OECD averaged 60.2% in 2023
- U.S. employment-population ratio 60.1% in May 2024
- India's LFPR 15+ years was 58.1% in 2023-24
- UK participation rate 16-64 was 75.3% in Jan-Mar 2024
- Canada's participation rate was 65.8% in May 2024
- Australia's participation rate hit record 66.9% in April 2024
- Germany's LFPR 15-74 was 62.1% in 2023
- Brazil's LFPR was 62.4% in Q1 2024
- Japan's participation rate 62.9% in April 2024
- France LFPR 15-64 was 69.4% in Q1 2024
- Mexico's participation rate was 60.8% in March 2024
- Italy LFPR 15-64 56.3% in Q1 2024
- Sweden's participation rate 15-74 71.2% in 2023
- U.S. men participation rate 68.0% in May 2024
- South Africa's LFPR was 60.1% in Q1 2024
- U.S. women participation 57.0% in May 2024
- Netherlands LFPR 57.9% in Q1 2024
- Spain LFPR 15-64 60.2% in Q1 2024
- U.S. Asian participation rate 63.7% in May 2024
- Poland LFPR 15-74 59.8% in 2023
- U.S. 55+ participation rate 39.2% in May 2024
Labor Participation Interpretation
The global job market is a patchwork quilt of ambition and inertia, where Sweden's robust participation could power a small nation's espresso machine while Italy's low rate suggests a profound, perhaps enviable, mastery of *la dolce vita*.
Unemployment Statistics
- As of May 2024, the U.S. unemployment rate stood at 4.0%, with 6.6 million people unemployed
- In the Euro Area, the unemployment rate was 6.4% in April 2024, the lowest since July 2008
- Youth unemployment (ages 15-24) in the OECD countries averaged 11.2% in 2023
- The U.S. Black or African American unemployment rate was 6.1% in May 2024, compared to 3.5% for Whites
- India's urban unemployment rate reached 8.1% in April 2024 per PLFS data
- Long-term unemployment (over 27 weeks) accounted for 20.3% of all unemployed in the U.S. in May 2024
- In the UK, the unemployment rate was 4.4% for January to March 2024
- Spain's unemployment rate was 11.3% in Q1 2024, highest in EU
- U.S. underemployment rate (U-6 measure) was 7.4% in May 2024, including part-time for economic reasons
- South Africa's unemployment rate hit 32.9% in Q1 2024
- In Canada, unemployment rate rose to 6.2% in May 2024
- Australia's unemployment rate was 4.1% in April 2024
- Germany's unemployment rate was 5.9% in May 2024, up from previous year
- Brazil's unemployment rate fell to 7.0% in Q1 2024
- Japan's unemployment rate was 2.6% in April 2024
- France's unemployment rate was 7.4% in Q1 2024
- Mexico's unemployment rate was 2.7% in March 2024
- Italy's unemployment rate dropped to 6.9% in April 2024
- Sweden's unemployment rate was 8.2% in April 2024
- Turkey's unemployment rate was 8.0% in April 2024
- In the U.S., the unemployment rate for Hispanics or Latinos was 5.0% in May 2024
- Netherlands unemployment rate was 3.6% in April 2024
- Argentina's unemployment rate was 7.7% in Q1 2024
- Poland's unemployment rate was 2.9% in April 2024
- South Korea's unemployment rate was 2.7% in April 2024
- Belgium's unemployment rate was 5.8% in March 2024
- Ireland's unemployment rate was 4.3% in April 2024
- Portugal's unemployment rate was 6.8% in Q1 2024
- Norway's unemployment rate was 3.8% in April 2024
Unemployment Statistics Interpretation
While the overall job market can boast a decent global average headline, the devil—and the despair—is in the dizzying details of stark geographic disparities, entrenched racial gaps, and the sobering reality that for many, a job offer still feels about as common as a polite political debate.
Wages and Earnings
- U.S. median weekly earnings for full-time wage and salary workers were $1,194 in Q1 2024
- In the EU, average gross hourly earnings were €28.5 in 2022
- U.S. workers with doctoral degrees earned median $2,083 weekly in Q1 2024
- UK's median annual earnings for full-time employees were £34,963 in 2023
- Women in U.S. earned 83.2% of men's median weekly earnings in Q1 2024
- Australia's average weekly earnings rose 4.6% to $1,975.80 in Nov 2023
- In Canada, average hourly wages were $35.44 in April 2024
- Germany's median gross monthly earnings were €4,324 in 2022
- Management occupations in U.S. had median weekly earnings of $2,045 in Q1 2024
- Brazil's minimum wage was R$1,412 per month in 2024
- Japan's average monthly cash earnings grew 2.4% YoY in April 2024
- France's SMIC minimum wage rose to €1,766.92 gross monthly in 2024
- Computer occupations in U.S. median weekly $2,339 in Q1 2024
- Mexico's average daily wage was 228.35 pesos in Q1 2024
- Italy's average annual net salary was €27,549 in 2023
- Service occupations in U.S. had lowest median weekly $903 in Q1 2024
- Sweden's average monthly salary was 38,100 SEK in 2023
- U.S. Black workers' median weekly earnings were $987 in Q1 2024
- South Africa's average monthly earnings were R27,702 in Q1 2024
- Legal occupations median weekly $2,427 in U.S. Q1 2024
- Netherlands average hourly labor costs €37.7 in 2023
- U.S. full-time workers aged 45-54 had highest median weekly $1,339 in Q1 2024
- Sales occupations median $1,102 weekly in U.S. Q1 2024
- Spain's average gross annual salary €28,047 in 2023
Wages and Earnings Interpretation
The global job market reveals a stark and stubborn hierarchy where, from Stockholm to Sydney, the premium for manipulating data, laws, or people vastly outpaces the value placed on serving them, a disparity etched deeper still by gender, race, and nationality.
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