While the world's job market may seem robust on the surface, a closer look at the data from record-low 2.6% unemployment in Japan to a staggering 32.1% in South Africa reveals a far more complex and uneven global picture of opportunity, wages, and participation.
Key Takeaways
- In the United States, the overall unemployment rate averaged 3.6% in 2023, affecting approximately 6.0 million people aged 16 and over
- Globally, the unemployment rate stood at 4.9% in 2023, impacting 189 million people worldwide according to the International Labour Organization
- In the Euro Area, the unemployment rate was 6.1% in December 2023, with youth unemployment at 14.5%
- In the US, the employment-population ratio was 60.2% in December 2023 for ages 16+
- Globally, employment rate for prime-age workers (25-54) was 73.5% in 2023 per ILO
- EU employment rate reached 75.4% in 2023 for ages 20-64
- The average hourly wage for all private nonfarm payrolls in the US was $34.28 in December 2023, up 4.1% year-over-year
- Global average monthly wage was $1,480 in 2023 per ILO, varying widely by region
- In the EU, average gross hourly earnings were €28.50 in 2022 data extended to 2023
- US job openings totaled 8.8 million in November 2023, down from peaks
- Global job vacancies estimated at 50 million unfilled positions in 2023 by ManpowerGroup
- EU job vacancy rate was 2.9% in Q3 2023 across economy
- US labor force participation rate was 62.5% in December 2023 for civilian noninstitutional population 16+
- Global labor force participation rate was 60.1% in 2023 per World Bank/ILO
- EU labor force participation rate for 15-74 was 65.3% in 2023
Global unemployment was low in 2023 but varied widely, with significant differences in job opportunities and wages.
Employment Rates
- In the US, the employment-population ratio was 60.2% in December 2023 for ages 16+
- Globally, employment rate for prime-age workers (25-54) was 73.5% in 2023 per ILO
- EU employment rate reached 75.4% in 2023 for ages 20-64
- Canada's employment rate fell to 61.6% in December 2023
- Australia's employment rate for 15+ was 64.2% in December 2023
- Japan's employment rate for 15-64 was 79.4% in 2023, highest among OECD
- UK employment rate was 74.6% for ages 16-64 in late 2023
- India's employment rate in urban areas was 46.2% in Q4 2023
- Brazil's employment rate rose to 58.0% in Q4 2023
- South Africa's employment rate was 41.7% in Q4 2023
- Germany's employment rate for 15-64 was 76.8% in 2023
- France's employment rate for 15-64 was 69.4% in 2023
- Mexico's employment rate was 60.1% in Q4 2023
- South Korea's employment rate for 15-64 was 69.2% in 2023
- Spain's employment rate improved to 62.3% in Q4 2023 for 16-64
- Italy's employment rate was 62.8% for 20-64 in 2023
- US prime-age employment rate (25-54) hit 83.4% in 2023 peak
- China's employment rate for urban workforce was 57.4% in 2023
- Sweden's employment rate was 77.5% for ages 20-64 in 2023
- US employment in health care added 670,000 jobs in 2023
- Global services employment was 50% of total jobs in 2023
- Retail trade employment in Canada declined 0.5% in 2023
- Women’s employment rate in Japan rose to 53.3% in 2023
- Self-employment in India was 57.3% of workforce in 2023
- Public sector employment in UK was 17.6% of total in 2023
- Informal employment in Brazil was 39% in 2023
- Part-time employment in Netherlands was 37% of workforce in 2023
- Gig economy workers in US numbered 59 million in 2023 per Upwork
- Remote work employment share in EU was 12% in 2023
- Youth employment in South Africa was 12.5% rate in 2023
- Hispanic employment growth in US was 2.4% in 2023
- Construction employment in Australia added 50,000 jobs in 2023
- Education sector employment in France grew 1.8% in 2023
Employment Rates Interpretation
While Japan leads the OECD and the US prime-age workforce is humming, the global jobs landscape is a bewildering patchwork of robust services, stubborn informality, and still too many gaps—proving that gainful employment remains an unevenly distributed luxury.
Job Openings
- US job openings totaled 8.8 million in November 2023, down from peaks
- Global job vacancies estimated at 50 million unfilled positions in 2023 by ManpowerGroup
- EU job vacancy rate was 2.9% in Q3 2023 across economy
- Canada's job vacancies fell to 617,000 in Q4 2023
- Australia's job vacancies were 447,000 in November 2023
- Japan's job openings-to-applicants ratio was 1.31 in December 2023
- UK job vacancies stood at 888,000 in three months to November 2023
- India's job openings grew 20% in IT sector in 2023 per Naukri.com
- Brazil's formal job openings increased by 1.2 million in 2023
- South Africa's job vacancies were 229,700 in Q3 2023
- Germany's job vacancies totaled 700,000 in late 2023
- France's job vacancy rate was 3.2% in 2023 services sector
- Mexico's job openings rose 15% in manufacturing Q4 2023
- South Korea's job openings were 1.2 million in 2023 average
- Spain's job vacancies hit 711,000 in Q3 2023
- Italy's job vacancy rate was 2.7% in 2023
- US quits rate was 2.3% in November 2023 per JOLTS
- China's job openings in tech sector surged 30% in 2023
- Sweden's job vacancies were 110,000 in Q4 2023
- Job openings in US professional services hit 2.1 million November 2023
- Healthcare vacancies globally projected 10 million by 2030 but 2023 at 4M
- Manufacturing job openings in EU were 1.2 million in 2023
- IT job vacancies in Canada reached 50,000 in Q4 2023
- Retail vacancies in Australia fell 10% to 80,000 in 2023
- Effective job-to-applicant ratio in Japan was 1.26 in 2023 average
- Engineering vacancies in UK numbered 45,000 in late 2023
- E-commerce job openings in India surged 25% to 200,000 in 2023
- Tourism vacancies in Brazil were 300,000 unfilled 2023
- Mining vacancies in South Africa hit 15,000 in 2023
- Automotive sector openings in Germany 120,000 in 2023
- Teacher vacancies in France were 4,000 in 2023 school year
- Logistics openings in Mexico grew 18% to 150,000 Q4 2023
- Semiconductor jobs open in Korea 20,000 in 2023
- Hospitality openings in Spain 100,000 seasonal 2023
- Finance sector vacancies Italy 30,000 in 2023
- US trucking job openings 80,000 in late 2023
- Renewable energy openings China 500,000 in 2023
- Nursing home vacancies Sweden 10,000 in 2023
Job Openings Interpretation
The global job market seems like a frantic game of musical chairs where everyone’s running, but half the chairs are labeled 'Healthcare' or 'Tech' and nobody can quite agree on the tune.
Labor Participation
- US labor force participation rate was 62.5% in December 2023 for civilian noninstitutional population 16+
- Global labor force participation rate was 60.1% in 2023 per World Bank/ILO
- EU labor force participation rate for 15-74 was 65.3% in 2023
- Canada's participation rate was 65.0% in December 2023
- Australia's participation rate reached 66.8% in December 2023
- Japan's participation rate for 15+ was 62.3% in 2023, boosted by women
- UK's participation rate was 62.5% for 16-64 in late 2023
- India's LFPR was 57.9% in urban areas Q4 2023
- Brazil's LFPR was 62.5% in Q4 2023
- South Africa's LFPR was 60.9% in Q4 2023 excluding discouraged
- Germany's LFPR for 15-64 was 78.5% in 2023
- France's LFPR for 15-64 was 73.8% in 2023
- Mexico's LFPR was 61.3% in Q4 2023
- South Korea's LFPR for 15-64 was 70.1% in 2023
- Spain's LFPR rose to 64.6% in Q4 2023
- Italy's LFPR for 15-64 was 65.2% in 2023
- US prime-age male LFPR was 89.4% in 2023
- China's urban LFPR was 66.1% in 2023
- Sweden's LFPR was 82.2% for 20-64 in 2023
- Prime-age LFPR in US men recovered to 89.2% in 2023
- Female LFPR globally rose to 49.5% in 2023 ILO data
- Older worker LFPR in EU 15-74 was 26.5% in 2023
- Indigenous LFPR in Canada was 63.2% in 2023
- Disability-adjusted LFPR Australia 54.1% December 2023
- Rural LFPR Japan 55% vs urban 60% in 2023
- NEET rate UK youth was 11.6% in 2023, inverse participation
- Rural female LFPR India 38.1% Q4 2023
- Urban LFPR Brazil 64.2% Q4 2023
- Discouraged workers South Africa 2.5 million lowered LFPR 2023
- Immigrant LFPR Germany 72% in 2023
- Parental LFPR France mothers 68% post-childbirth 2023
- Youth LFPR Mexico 14-24 48.5% Q4 2023
- Senior LFPR Korea 15+ 27.8% 2023 aging population
- Regional LFPR Spain Andalusia 55% vs Madrid 70% 2023
- Southern Italy LFPR 42% vs North 68% 2023
- Black LFPR US 62.7% 2023 average
- Urban migrant LFPR China 65% 2023 hukou reform
- Foreign-born LFPR Sweden 70.2% 2023
Labor Participation Interpretation
While the global workforce shows a generally engaged majority, the real story is in the uneven details—from Germany’s impressive 78.5% participation and Japan’s rising female workforce to the stark divides of Italy’s north-south gap and India’s low rural female involvement, proving that a single headline rate often masks a complex tapestry of who is actually at work.
Unemployment Rates
- In the United States, the overall unemployment rate averaged 3.6% in 2023, affecting approximately 6.0 million people aged 16 and over
- Globally, the unemployment rate stood at 4.9% in 2023, impacting 189 million people worldwide according to the International Labour Organization
- In the Euro Area, the unemployment rate was 6.1% in December 2023, with youth unemployment at 14.5%
- Canada's unemployment rate reached 5.8% in December 2023, up from 5.6% in November, driven by seasonal factors
- Australia's unemployment rate was 4.0% in December 2023, with 557,000 people unemployed
- In Japan, the unemployment rate for 2023 averaged 2.6%, one of the lowest among developed nations
- India's urban unemployment rate was 6.6% in Q4 2023, higher for females at 8.5%
- The UK's unemployment rate rose to 4.2% in the three months to November 2023
- Brazil's unemployment rate fell to 7.6% in Q4 2023, with 8.3 million unemployed
- South Africa's unemployment rate was 32.1% in Q4 2023, affecting 7.9 million working-age people
- Germany's unemployment rate was 5.9% in December 2023, up slightly from previous months
- France's unemployment rate remained at 7.4% in Q4 2023, per INSEE estimates
- Mexico's unemployment rate was 2.6% in Q4 2023, but underemployment affected 28.3%
- South Korea's unemployment rate was 3.4% in 2023, with youth rate at 6.8%
- Spain's unemployment rate dropped to 11.8% in Q4 2023, still highest in EU
- Italy's unemployment rate was 7.2% in December 2023, with southern regions higher
- The US long-term unemployment rate (27+ weeks) was 1.2 million in 2023 average
- China's urban unemployment rate averaged 5.2% in 2023, per official data
- Sweden's unemployment rate was 8.1% in December 2023, affected by immigration
- Argentina's unemployment rate was 6.9% in Q4 2023 amid economic crisis
- In the US, employment in leisure and hospitality grew by 2.3% in 2023, adding 178,000 jobs
- Worldwide, agriculture employed 24% of the workforce in 2023, per FAO/ILO
- Eurozone services sector unemployment was 6.5% in late 2023
- US Black unemployment rate averaged 5.8% in 2023
- Youth unemployment in OECD countries averaged 10.5% in 2023
- Female unemployment in MENA region was 17.2% in 2023
- Construction unemployment in US was 4.5% December 2023
- Rural India unemployment was 2.6% in Q4 2023, lower than urban
- Long-term unemployment in EU was 33.6% of total in 2023
- Veteran unemployment in US was 3.1% in 2023 annual average
- Disability unemployment in UK was 9.2% in 2023
- Over-55 unemployment in Australia was 3.8% December 2023
- Manufacturing unemployment in Germany was 5.2% in 2023
- Tech unemployment in US hit 4.8% in mid-2023
- Migrant unemployment in Sweden was 15.4% in 2023
Unemployment Rates Interpretation
While the world economy may be a chorus of nearly full employment for many, the persistent, painful notes of youth disenfranchisement, systemic inequalities, and regional crises reveal that a headline number is often a harmony masking a great many dissonant individual struggles.
Wage Statistics
- The average hourly wage for all private nonfarm payrolls in the US was $34.28 in December 2023, up 4.1% year-over-year
- Global average monthly wage was $1,480 in 2023 per ILO, varying widely by region
- In the EU, average gross hourly earnings were €28.50 in 2022 data extended to 2023
- Canada's average hourly wage rose to $35.44 in December 2023
- Australia's average weekly earnings for full-time adults were AU$1,975.80 in August 2023
- Japan's average monthly cash earnings increased 2.0% in 2023 to ¥341,793
- UK median weekly earnings for full-time employees were £728 in April 2023
- India's average monthly per capita net national income was ₹10,925 in 2023-24 estimates
- Brazil's average monthly real wage was BRL 2,979 in 2023
- South Africa's average monthly earnings were ZAR 27,702 in Q3 2023
- Germany's median gross hourly wage was €21.70 in 2022, similar in 2023
- France's average gross monthly wage was €3,014 in 2023 private sector
- Mexico's average daily wage was MXN 521.7 in Q4 2023
- South Korea's average monthly wage was KRW 3,956,619 in 2023
- Spain's average annual gross salary was €27,273 in 2023
- Italy's average annual net salary was €28,000 in 2023 estimates
- US real median weekly earnings grew 0.8% in 2023 adjusted for inflation
- China's average urban wage rose 5.8% to RMB 108,132 annually in 2023
- Sweden's average monthly salary was SEK 39,900 in 2023
- US software developers median wage was $130,160 in 2023
- Global CEO pay ratio to average worker was 272:1 in 2023 per AFL-CIO
- Minimum wage in EU varied from €1,320/month in Bulgaria to €2,568 in Luxembourg 2023
- Nurses average annual salary in Canada was CAD 80,195 in 2023
- Bonus pay in Japan averaged 1.8 months salary in 2023
- Gender pay gap in UK was 14.3% median hourly in 2023
- Construction wages in India rose 7% to INR 25,000/month average 2023
- Real wage growth in Brazil was 2.9% in 2023 after inflation
- Executives in South Africa earned ZAR 1.2 million average 2023
- Wage growth in Germany was 4.0% nominally in 2023
- SMIC minimum wage in France rose to €11.65/hour in 2023
- Informal sector wages in Mexico averaged MXN 300/day 2023
- Wage premium for college grads in US was 66% over high school 2023
- Tech wages in South Korea averaged KRW 5.5 million/month 2023
- Hospitality wages in Spain were €1,500/month average 2023
- Italy regional wage disparity: North €30k vs South €22k annual 2023
- Inflation-adjusted wages in China grew 1.9% urban 2023
- Union workers in Sweden earned 10% more than non-union 2023
Wage Statistics Interpretation
While the global worker's pay stub tells a story of modest gains, with regional tales ranging from impressive to grim, the real plot twist is found in the footnotes, where the CEO's bonus alone could fund a small village's payroll.
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