Amidst a world of surprising contrasts—from Japan's remarkably low 2.6% unemployment to Italy's concerning 21.5% youth jobless rate—today's global labor market reveals a story of both resilient recovery and persistent inequality.
Key Takeaways
- In the United States, the unemployment rate for adult men was 3.8% in September 2023
- The youth unemployment rate (15-24 years) in the Euro Area stood at 14.2% in August 2023
- Canada's overall unemployment rate reached 5.5% in October 2023
- In the US, employment-population ratio for prime-age workers (25-54) was 80.4% in September 2023
- Euro Area employment rate for ages 20-64 reached 75.4% in Q2 2023
- Canada's employment rate was 61.8% in October 2023
- In the US, average hourly earnings for private sector rose 4.0% year-over-year in September 2023
- Euro Area hourly labour costs increased by 4.8% in Q2 2023
- Canada's average weekly earnings grew 4.1% in August 2023
- US labor force participation rate (16+) was 62.8% in September 2023
- Euro Area LFPR for 15-74 was 64.9% in Q2 2023
- Canada's LFPR was 65.8% in October 2023
- US job openings rate was 4.1% in August 2023
- Euro Area job vacancy rate was 2.8% in Q2 2023
- Canada's quits rate was 2.1% in September 2023
Global labor markets vary widely, with youth unemployment remaining a key challenge.
Employment Rates
- In the US, employment-population ratio for prime-age workers (25-54) was 80.4% in September 2023
- Euro Area employment rate for ages 20-64 reached 75.4% in Q2 2023
- Canada's employment rate was 61.8% in October 2023
- UK employment rate (16-64) was 75.5% in July-September 2023
- Germany's employment rate for 15-64 was 76.8% in 2022
- Australia's employment rate for 15-64 was 69.2% in September 2023
- France's employment rate for 15-64 was 69.4% in Q2 2023
- Italy's employment rate rose to 61.5% in Q2 2023
- Japan's employment rate was 61.2% in September 2023
- South Korea's employment rate for youth was 42.1% in 2023
- OECD average employment rate (15-64) was 69.1% in 2022
- Brazil's employment rate was 58.2% in Q3 2023
- India's employment rate in urban areas was 45.7% in 2022-23
- Mexico's formal employment rate grew by 2.1% in 2023
- Spain's employment rate for women was 55.8% in Q2 2023
- Sweden's employment rate for 20-64 was 77.9% in 2022
- Netherlands' part-time employment rate was 49.2% for women in 2023
- Poland's employment rate reached 68.4% in Q2 2023
- US Hispanic employment-population ratio was 64.7% in September 2023
- Euro Area self-employment rate was 13.8% in 2022
- UK disabled employment rate was 52.1% in 2023
- Australia's over 55 employment rate was 64.3% in 2023
- France's senior employment rate (55-64) was 55.6% in 2022
- Italy's temporary employment rate was 16.1% in 2023
- Japan's female employment rate was 53.3% in 2023
- OECD youth employment rate averaged 43.2% in 2022
- Brazil's formal employment share was 42.5% in 2023
- India's female employment rate was 32.8% in 2022-23
- Mexico's youth employment rate was 38.4% in 2023
- Spain's part-time involuntary employment was 10.2% in 2023
Employment Rates Interpretation
Behind a global average that modestly pats itself on the back, the story is really in the starkly different plotlines: from America's prime-age hustle to Europe's part-time puzzle, and from Asia's youth struggling for a foothold to the persistent gaps for women, seniors, and disabled workers that reveal our economies still have a long way to go before claiming true, inclusive health.
Job Market Dynamics
- US job openings rate was 4.1% in August 2023
- Euro Area job vacancy rate was 2.8% in Q2 2023
- Canada's quits rate was 2.1% in September 2023
- UK job vacancies numbered 956,000 in July-September 2023
- Germany's job vacancy rate was 3.4% in June 2023
- Australia's job vacancies fell to 452,000 in August 2023
- France's job vacancy rate was 2.7% in Q1 2023
- Italy's unfilled vacancies were 28.4% of firms in 2023
- Japan's job-to-applicant ratio was 1.31 in September 2023
- South Korea's employment turnover rate was 45.2% in 2022
- OECD job vacancy rate averaged 2.1% in 2022
- Brazil's job turnover rate was 38.7% in 2023
- India's job vacancy ratio in manufacturing was 2.3% in 2022
- Mexico's separation rate was 3.2% monthly in 2023
- Spain's job vacancy rate in construction was 4.1% in 2023
- Sweden's hiring rate was 2.5% in Q2 2023
- Netherlands' job vacancy rate hit 4.4% in Q2 2023
- Poland's unemployment-vacancy ratio was 0.8 in 2023
- US layoffs rate was 1.1% in August 2023
- Euro Area hiring rate was 1.9% in Q1 2023
- UK employee turnover rate was 25.4% in 2023
- Australia's hiring rate was 3.1% quarterly in 2023
- France's sectoral vacancies in health were 5.2% in 2023
- Italy's job openings in ICT sector grew 15% in 2023
- Japan's new hires rate was 2.8% monthly in 2023
- OECD worker flows rate averaged 4.5% in 2022
- Brazil's formal job creation was 2.4 million in 2023
- India's apprenticeship vacancies were 1.2 million in 2023
- Mexico's job openings in services were 1.1 million in 2023
- Spain's Beveridge curve tightness increased in 2023
Job Market Dynamics Interpretation
While America's workers are actively playing musical chairs with a record number of empty seats, much of Europe is calmly managing a persistent seating shortage, and the OECD stage reveals a global performance where, surprisingly, more people are voluntarily exiting the show than are being ushered out.
Labour Force Participation Rates
- US labor force participation rate (16+) was 62.8% in September 2023
- Euro Area LFPR for 15-74 was 64.9% in Q2 2023
- Canada's LFPR was 65.8% in October 2023
- UK LFPR (16-64) was 75.7% in July-September 2023
- Germany's LFPR (15-64) was 79.2% in 2022
- Australia's LFPR (15+) was 66.8% in September 2023
- France's LFPR (15-64) was 74.1% in Q2 2023
- Italy's LFPR was 57.3% for 15-64 in Q2 2023
- Japan's LFPR reached 62.3% in September 2023
- South Korea's LFPR for women was 54.2% in 2023
- OECD LFPR average (15-64) was 73.2% in 2022
- Brazil's LFPR was 62.5% in Q3 2023
- India's LFPR (15+) was 57.9% in 2022-23
- Mexico's LFPR was 61.4% in Q2 2023
- Spain's LFPR for 16-74 was 59.8% in Q2 2023
- Sweden's LFPR (15-74) was 69.8% in 2022
- Netherlands' LFPR was 69.1% in Q2 2023
- Poland's LFPR (15+) was 59.7% in Q2 2023
- US prime-age female LFPR was 57.2% in September 2023
- Euro Area elderly LFPR (50-69) was 65.3% in 2022
- UK LFPR for 50-64 was 71.4% in 2023
- Australia's youth LFPR was 54.3% in 2023
- France's male LFPR was 78.5% in 2022
- Italy's female LFPR was 51.2% in 2023
- Japan's elderly LFPR (65+) was 25.1% in 2023
- OECD female LFPR gap was 11.5 points in 2022
- Brazil's urban LFPR was 64.2% in 2023
- India's rural LFPR was 59.1% in 2022-23
- Mexico's female LFPR was 45.8% in 2023
- Spain's youth LFPR was 39.7% in 2023
Labour Force Participation Rates Interpretation
While the global workforce is a patchwork of participation, with Germany's robust 79.2% showing how high the ceiling can be and Italy's 57.3% revealing deep structural cracks, the most telling thread is that from South Korea's 54.2% female rate to the OECD's 11.5-point gender gap, the world is still running its economy with one hand tied behind its back.
Unemployment Rates
- In the United States, the unemployment rate for adult men was 3.8% in September 2023
- The youth unemployment rate (15-24 years) in the Euro Area stood at 14.2% in August 2023
- Canada's overall unemployment rate reached 5.5% in October 2023
- In the United Kingdom, the unemployment rate for people aged 16-64 was 4.2% in July-September 2023
- Germany's unemployment rate was 3.0% in September 2023
- Australia's unemployment rate for 25-34 year olds was 4.1% in September 2023
- France's unemployment rate (Ages 15-64) was 7.3% in Q2 2023
- Italy recorded a youth unemployment rate of 21.5% in August 2023
- Japan's unemployment rate was 2.6% in September 2023
- South Korea's unemployment rate for women was 3.1% in September 2023
- In OECD countries, the average unemployment rate was 4.8% in July 2023
- Brazil's unemployment rate dropped to 7.2% in Q3 2023
- India's urban unemployment rate was 5.4% in April-June 2023
- Mexico's unemployment rate was 2.9% in August 2023
- Spain's long-term unemployment rate was 10.1% in Q2 2023
- Sweden's unemployment rate for foreign-born was 7.8% in August 2023
- The Netherlands' youth unemployment rate was 8.3% in Q2 2023
- Poland's unemployment rate was 2.8% in September 2023
- In the US, Black unemployment rate was 5.9% in September 2023
- Euro Area women's unemployment rate was 6.8% in August 2023
- UK's long-term unemployment affected 26.5% of unemployed in 2023
- Australia's Indigenous unemployment rate was 13.7% in 2021-22
- France's youth unemployment rate was 17.8% in Q2 2023
- Italy's regional unemployment in South was 13.4% in 2022
- Japan's part-time unemployment rate was 1.2% in 2023
- OECD long-term unemployment rate averaged 1.7% in 2022
- Brazil's youth unemployment was 17.3% in Q3 2023
- India's rural unemployment rate was 2.4% in 2022-23
- Mexico's informal unemployment was 1.5% in Q2 2023
- Spain's unemployment rate for over 55s was 12.5% in 2023
Unemployment Rates Interpretation
While the data reveals a sturdy job market in many major economies, it also exposes a troubling pattern of youth, regional, and demographic disparities hiding within the seemingly healthy headline figures.
Wages and Earnings
- In the US, average hourly earnings for private sector rose 4.0% year-over-year in September 2023
- Euro Area hourly labour costs increased by 4.8% in Q2 2023
- Canada's average weekly earnings grew 4.1% in August 2023
- UK median weekly earnings for full-time employees were £703 in April 2023
- Germany's average gross monthly earnings were €4,105 in 2022
- Australia's average weekly ordinary time earnings reached AUD 1,888 in August 2023
- France's average gross hourly wage was €27.4 in 2022
- Italy's average annual gross earnings were €29,746 in 2022
- Japan's average monthly cash earnings grew 2.5% in August 2023
- South Korea's minimum wage increased to KRW 9,860 per hour in 2024
- OECD average annual wages were USD 49,270 in 2022 PPP
- Brazil's average monthly real wage was BRL 2,979 in Q2 2023
- India's average daily wage for casual labour was INR 388 in 2022-23
- Mexico's average daily wage in formal sector was MXN 524 in Q2 2023
- Spain's gender pay gap was 11.0% in 2022
- Sweden's median hourly earnings were SEK 210 in 2022
- Netherlands' average annual labour costs per hour were €38.8 in 2022
- Poland's average monthly gross wage was PLN 7,238 in August 2023
- US real median weekly earnings fell 0.6% in Q3 2023
- Euro Area minimum wage coverage was 13.7% of full-time workers in 2023
- UK real terms pay growth was 1.7% in July 2023
- Australia's gender pay gap narrowed to 21.7% in 2023
- France's SMIC minimum wage rose 2.0% in 2023
- Italy's sectoral wage in manufacturing was €25.4/hour in 2022
- Japan's bonus payments averaged 1.68 months salary in 2023
- OECD top 10% wage share was 1.78 times median in 2022
- Brazil's minimum wage was BRL 1,320 monthly in 2023
- India's organized sector average wage was INR 15,000 monthly in 2023
- Mexico's wage growth was 5.6% nominal in 2023
- Spain's average wage in services was €23,100 annually in 2022
Wages and Earnings Interpretation
The global wage story is a patchwork quilt of modest gains being feverishly stitched while inflation's scissors snip at the threads, leaving many workers clutching at nominal raises that feel a lot less real in their pockets.
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