While the headline national unemployment rate might look steady at 3.7%, a global snapshot of the labor market reveals a complex picture of stark disparities, from soaring youth unemployment to surprising wage growth and persistent job openings across major economies.
Key Takeaways
- US national unemployment rate was 3.7% in December 2023
- Youth unemployment rate (16-24) in the US was 11.9% in December 2023
- Black or African American unemployment rate in US was 5.3% in December 2023
- US employment-population ratio was 60.2% in December 2023
- US employment in leisure and hospitality sector added 52,000 jobs in December 2023
- US manufacturing employment was 12,995,000 in December 2023
- US average hourly earnings for all employees rose 4.1% over 12 months in Dec 2023
- US median weekly earnings for full-time workers was $1,145 in Q4 2023
- US real median weekly earnings increased 0.8% from Q4 2022 to Q4 2023
- US labor force participation rate was 62.5% in December 2023
- US prime-age (25-54) participation rate was 83.3% in December 2023
- US female labor force participation rate was 57.4% in December 2023
- US job openings totaled 8.79 million in November 2023
- US quits rate was 2.3% in November 2023
- US hires rate was 3.7% in November 2023
Global labor markets show varied strengths with low US unemployment but high youth and long-term rates.
Employment
- US employment-population ratio was 60.2% in December 2023
- US employment in leisure and hospitality sector added 52,000 jobs in December 2023
- US manufacturing employment was 12,995,000 in December 2023
- US healthcare employment reached 16,986,000 in December 2023
- US government employment totaled 23,279,000 in December 2023
- EU-27 employment rate for ages 20-64 was 75.8% in 2023
- UK employment rate for ages 16-64 was 74.6% in Q4 2023
- Germany employment rate was 77.5% for ages 15-64 in 2023
- Japan total employment was 67.55 million in December 2023
- Canada employment increased by 33,000 in December 2023
- Australia employment reached 14.11 million in December 2023
- India total employment in organized sector was 31.68 million in Dec 2023
- Brazil employed population was 101.8 million in Q4 2023
- South Africa formal non-agriculture employment was 10.4 million in Q4 2023
- China total employment was 740.41 million in 2023
- Mexico employed population was 58.8 million in December 2023
- Spain employment rate for ages 16-64 was 60.6% in Q4 2023
- France total employment was 28.7 million in Q4 2023
- Italy employment increased by 0.3% in Q4 2023
- Sweden employment rate was 77.4% for ages 20-64 in 2023
- Poland employment was 16.7 million in December 2023
- Netherlands employment rate was 78.1% in Q4 2023
- South Korea employment was 29.19 million in December 2023
- Turkey employment was 32.6 million in December 2023
- Argentina employed persons totaled 20.5 million in Q4 2023
- Russia employment was 73.5 million in December 2023
Employment Interpretation
Despite all the algorithms tracking our every click, the global jobs market remains stubbornly old-fashioned, stubbornly anchored in factories, hospitals, and hospitality, proving that for now, the robots still need humans to make their coffee and keep them healthy.
Participation
- US labor force participation rate was 62.5% in December 2023
- US prime-age (25-54) participation rate was 83.3% in December 2023
- US female labor force participation rate was 57.4% in December 2023
- US male labor force participation rate was 68.0% in December 2023
- EU-27 labor force participation rate ages 20-64 was 78.2% in 2023
- UK participation rate ages 16-64 was 75.6% in Q4 2023
- Germany participation rate ages 15-64 was 78.6% in 2023
- Japan participation rate was 62.3% in December 2023
- Canada participation rate was 65.5% in December 2023
- Australia participation rate was 66.8% in December 2023
- India LFPR rural male was 79.0% in Q4 FY2023
- Brazil LFPR was 62.6% in Q4 2023
- South Africa LFPR was 60.0% in Q4 2023
- China urban LFPR was 66.8% in 2023
- Mexico LFPR was 61.7% in December 2023
- Spain LFPR ages 16-64 was 70.0% in Q4 2023
- France LFPR was 69.5% in Q4 2023
- Italy LFPR ages 15-64 was 65.1% in 2023
- Sweden LFPR ages 20-64 was 83.6% in 2023
- Poland LFPR was 69.0% in December 2023
- Netherlands LFPR was 83.5% in Q4 2023
- South Korea LFPR was 64.5% in December 2023
- Turkey LFPR was 55.7% in December 2023
- Argentina LFPR was 65.1% in Q4 2023
- Russia LFPR was 63.1% in December 2023
Participation Interpretation
The global labor market is a patchwork quilt of participation, where nations like Sweden and the Netherlands are stitching at a frantic 83%, while others, like Turkey at 56%, are still searching for the needle and thread.
Trends
- US job openings totaled 8.79 million in November 2023
- US quits rate was 2.3% in November 2023
- US hires rate was 3.7% in November 2023
- US layoffs and discharges rate was 1.0% in November 2023
- Global labor turnover rate averaged 15% in 2023
- EU job vacancy rate was 2.6% in Q3 2023
- UK job vacancies were 934,000 in Q4 2023
- Germany job vacancies numbered 706,000 in Nov 2023
- Japan job-to-applicant ratio was 1.31 in December 2023
- Canada job vacancies were 617,600 in Q4 2023
- Australia job vacancies fell to 454,000 in Nov 2023
- India EPFO payroll additions were 13.45 lakh in Dec 2023
- Brazil turnover rate in industry was 4.2% in 2023
- South Africa registered unemployed increased by 58,000 in Q4 2023
- China new urban jobs created 12.02 million in 2023
- Mexico job creation was 636,000 in 2023
- Spain job destruction rate was low at 0.5% in Q4 2023
- France job seekers registered 2.8 million in Dec 2023
- Italy permanent contracts increased 1.2% in 2023
- Sweden labor shortages affected 40% of firms in 2023
- Poland new jobs created 300,000 in 2023
- Netherlands labor productivity grew 0.4% in Q3 2023
- South Korea youth job mismatch rate was 25% in 2023
- Turkey employment growth was 3.1% in 2023
- Argentina informal employment was 41.7% in Q4 2023
- Russia labor productivity up 2.6% in 2023
Trends Interpretation
While the global job market hums with a record number of open doors, the quiet reality is that workers are cautiously stepping through them rather than dramatically slamming them shut, signaling a collective, prudent recalibration rather than a runaway boom.
Unemployment
- US national unemployment rate was 3.7% in December 2023
- Youth unemployment rate (16-24) in the US was 11.9% in December 2023
- Black or African American unemployment rate in US was 5.3% in December 2023
- Hispanic or Latino unemployment rate in US was 5.0% in December 2023
- Long-term unemployment (27 weeks+) in US numbered 1.3 million in December 2023
- EU-27 unemployment rate was 5.9% in December 2023
- UK unemployment rate was 4.2% in Q4 2023
- Germany unemployment rate was 5.9% in December 2023
- Japan unemployment rate was 2.5% in December 2023
- Canada unemployment rate was 5.8% in December 2023
- Australia unemployment rate was 4.0% in December 2023
- India urban unemployment rate was 8.7% in Q4 FY2023
- Brazil unemployment rate was 7.6% in Q4 2023
- South Africa unemployment rate was 32.1% in Q4 2023
- China urban unemployment rate was 5.1% in December 2023
- Mexico unemployment rate was 2.6% in December 2023
- Spain unemployment rate was 11.8% in Q4 2023
- France unemployment rate was 7.4% in Q4 2023
- Italy unemployment rate was 6.9% in December 2023
- Sweden unemployment rate was 8.0% in December 2023
- Poland unemployment rate was 2.8% in December 2023
- Netherlands unemployment rate was 3.6% in Q4 2023
- South Korea unemployment rate was 3.0% in December 2023
- Turkey unemployment rate was 9.4% in December 2023
- Argentina unemployment rate was 6.9% in Q4 2023
- Russia unemployment rate was 2.9% in December 2023
- US unemployment rate for men was 3.7% in December 2023
- US unemployment rate for women was 3.6% in December 2023
- US unemployment rate for whites was 3.4% in December 2023
- US unemployment rate for Asians was 3.1% in December 2023
Unemployment Interpretation
The American economy struts a headline 3.7% unemployment rate like a bespoke suit, but the distressing youth rate, persistent disparities, and 1.3 million long-term jobless are the threadbare patches that a truly skilled tailor would need to mend.
Wages
- US average hourly earnings for all employees rose 4.1% over 12 months in Dec 2023
- US median weekly earnings for full-time workers was $1,145 in Q4 2023
- US real median weekly earnings increased 0.8% from Q4 2022 to Q4 2023
- Minimum wage in US federal was $7.25 per hour as of 2023
- EU average gross hourly earnings were €28.50 in 2022
- UK median hourly earnings excluding overtime was £16.22 in Q4 2023
- Germany average gross monthly earnings were €4,105 in 2022
- Japan average monthly cash earnings rose 1.8% in December 2023
- Canada average hourly wages were $35.44 in December 2023
- Australia average weekly earnings full-time was $1,975.80 in Aug 2023
- India average monthly per capita expenditure on wages in rural areas was ₹2,086 in 2022-23
- Brazil average real wage was R$2,979 in Q4 2023
- South Africa average monthly income was R25,000 for formal sector in 2023
- China average annual wage was 120,698 yuan in 2023
- Mexico average daily wage was 228 pesos in informal sector Dec 2023
- Spain average gross annual salary was €27,389 in 2023
- France average gross hourly wage was €27.5 in 2022
- Italy average annual gross earnings were €30,888 in 2022
- Sweden average monthly salary was 38,100 SEK in 2023
- Poland average gross monthly wage was 7,978 PLN in Q4 2023
- Netherlands average hourly labor costs were €38.80 in 2023
- South Korea average monthly wages were 3,876,000 KRW in 2023
- Turkey minimum wage was 17,002 TRY monthly in 2024
- Argentina average wage was 593,649 ARS in Dec 2023
- Russia average monthly nominal wage was 73,709 RUB in 2023
Wages Interpretation
While these numbers paint a global picture of modest raises and stark disparities, they also serve as a universal reminder that no matter the currency, everyone believes they deserve just a little bit more for their efforts.
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