While headlines tout low global unemployment, the staggering reality is that a youth in South Africa faces a nearly 60% chance of being out of work, a stark contrast to the 2.6% rate enjoyed in Japan, revealing a world of deeply unequal opportunity.
Key Takeaways
- The U.S. unemployment rate was 3.7% in February 2024, seasonally adjusted
- The unemployment rate in the Euro Area stood at 6.5% in March 2024
- Spain's unemployment rate was 11.7% in March 2024
- Germany's unemployment rate was 5.9% in March 2024
- Global unemployment rate projected at 5.0% for 2024 by ILO
- Youth unemployment rate (15-24) in South Africa was 59.7% in Q4 2023
- U.S. youth unemployment rate (16-24) was 12.6% in February 2024
- U.S. teen unemployment (16-19) was 13.4% in February 2024
- U.S. unemployment rate for Black or African American workers was 5.6% in February 2024
- U.S. unemployment rate for Hispanics was 5.0% in February 2024
- U.S. female unemployment rate was 3.6% in February 2024
- India's urban unemployment rate was 6.6% in 2023-24
- Japan's unemployment rate was 2.6% in March 2024
- China's urban unemployment rate was 5.2% in March 2024
- U.S. long-term unemployment rate (27 weeks+) was 1.2 million persons in February 2024
Global unemployment shows sharp disparities across regions and demographic groups.
Africa
- Nigeria's unemployment rate was 5.3% in Q4 2023 (new methodology)
- Egypt's unemployment rate was 6.2% in Q1 2024
- Morocco's unemployment rate was 13.3% in Q4 2023
- Algeria's unemployment rate was 12.7% in 2023
- Ghana unemployment rate was 13.4% in 2022
Africa Interpretation
While Nigeria's fresh statistical paint job looks impressively tidy, the region's unemployment picture is still a gallery of grim portraits where over a tenth of Morocco, Algeria, and Ghana's workforces are unfortunately starring as "the actively available."
Asia
- India's urban unemployment rate was 6.6% in 2023-24
- Japan's unemployment rate was 2.6% in March 2024
- China's urban unemployment rate was 5.2% in March 2024
- South Korea's unemployment rate was 2.7% in March 2024
- Philippines unemployment rate was 3.9% in March 2024
- Indonesia's unemployment rate was 4.8% in February 2024
- Thailand's unemployment rate was 0.9% in January 2024
- Vietnam's unemployment rate was 2.2% in Q1 2024
- Malaysia's unemployment rate was 3.3% in March 2024
- Singapore's unemployment rate was 1.9% in March 2024
- Taiwan's unemployment rate was 3.4% in March 2024
- Pakistan urban unemployment was 6.3% in 2020-21
- Bangladesh unemployment rate was 4.7% in 2023
- Sri Lanka unemployment rate was 4.3% in Q1 2024
Asia Interpretation
While East Asia seems to have mastered the art of keeping people busy, with Thailand's enviable 0.9% rate looking like a statistical magic trick, the South Asian giants are still wrestling with the more stubborn challenge of creating enough quality jobs for their vast urban populations.
Demographic
- U.S. unemployment rate for Black or African American workers was 5.6% in February 2024
- U.S. unemployment rate for Hispanics was 5.0% in February 2024
- U.S. female unemployment rate was 3.6% in February 2024
- U.S. male unemployment rate was 3.8% in February 2024
- U.S. unemployment rate for 25+ years was 3.3% in February 2024
- U.S. Asian unemployment rate was 3.0% in February 2024
- U.S. White unemployment rate was 3.4% in February 2024
- U.S. Native Hawaiian unemployment was 4.2% in 2023 annual
- U.S. unemployment rate for veterans was 3.1% in 2023 annual avg
- U.S. disability unemployment rate was 7.5% in 2023
- U.S. older workers (55+) unemployment was 3.1% in Feb 2024
- U.S. Native American unemployment was 6.6% in 2023
- U.S. college grad unemployment was 2.1% in Feb 2024
- U.S. high school grad no college unemployment 5.5% Feb 2024
Demographic Interpretation
The job market's uneven recovery feels like a game of musical chairs where some groups showed up to find a few of their seats already missing.
Europe
- The unemployment rate in the Euro Area stood at 6.5% in March 2024
- Spain's unemployment rate was 11.7% in March 2024
- Germany's unemployment rate was 5.9% in March 2024
- France's unemployment rate (ILO) was 7.4% in Q4 2023
- Italy's unemployment rate was 7.1% in March 2024
- UK's unemployment rate was 4.2% in Feb-Apr 2024
- Greece's unemployment rate dropped to 10.0% in March 2024
- Sweden's unemployment rate was 8.2% in March 2024
- Poland's unemployment rate was 2.9% in March 2024
- Netherlands unemployment rate was 3.7% in March 2024
- Turkey's unemployment rate was 8.0% in March 2024
- Belgium's unemployment rate was 5.8% in March 2024
- Portugal's unemployment rate was 6.5% in March 2024
- Austria's unemployment rate was 5.3% in March 2024
- Finland's unemployment rate was 8.5% in March 2024
- Denmark's unemployment rate was 4.9% in March 2024
- Ireland's unemployment rate was 4.3% in March 2024
- Norway's unemployment rate was 3.8% in March 2024
- Switzerland's unemployment rate was 2.3% in March 2024
- Czech Republic unemployment rate was 2.4% in March 2024
- Hungary's unemployment rate was 4.2% in March 2024
- Slovakia's unemployment rate was 5.6% in March 2024
- Romania's unemployment rate was 5.7% in March 2024
- Bulgaria's unemployment rate was 4.0% in March 2024
- Lithuania's unemployment rate was 6.5% in March 2024
- Latvia's unemployment rate was 6.8% in March 2024
- Estonia's unemployment rate was 6.9% in March 2024
- Cyprus unemployment rate was 6.2% in March 2024
- Malta's unemployment rate was 3.1% in March 2024
- Slovenia's unemployment rate was 3.7% in March 2024
- Croatia's unemployment rate was 5.9% in March 2024
- Luxembourg unemployment 5.4% March 2024
- Iceland unemployment 3.8% March 2024
Europe Interpretation
Europe presents a vibrant, if not entirely harmonious, orchestra of labor markets, where Switzerland's precision beats a steady 2.3%, Spain's flamenco of unemployment flares at 11.7%, and Poland's remarkable 2.9% keeps the tempo briskly optimistic.
Global
- Global unemployment rate projected at 5.0% for 2024 by ILO
Global Interpretation
Behind this seemingly modest number lies a quiet, global sigh of 165 million people caught between the lines of economic recovery and the relentless grind of progress.
Latin America
- Brazil's unemployment rate was 7.7% in March 2024
- Mexico's unemployment rate was 2.5% in March 2024
- Argentina's unemployment rate was 7.7% in Q4 2023
- Chile's unemployment rate was 8.2% in March 2024
- Peru's unemployment rate was 6.5% in March 2024
- Colombia's unemployment rate was 10.2% in March 2024
Latin America Interpretation
While Argentina and Brazil are tied for second in the regional jobless pageant, Colombia is wearing the unemployment crown, Chile is nervously waiting backstage, Peru is comfortably in the middle of the pack, and Mexico is already celebrating its victory in the green room.
Long-term
- U.S. long-term unemployment rate (27 weeks+) was 1.2 million persons in February 2024
- U.S. long-term unemployed as percent of total was 20.5% in February 2024
- U.S. long-term unemployment for women was 0.6 million in Feb 2024
- U.S. long-term unemployment in construction was 15.2% of unemployed in 2023
- U.S. long-term unemployment rate for men was 1.0% in 2023
Long-term Interpretation
While the headline unemployment figure may offer a veneer of calm, the fact that over a million Americans have been out of work for more than half a year—and a stubborn one in five of all jobless people are in that dire boat—reveals an economy with a deep, structural toothache that mere aspirin won't cure.
Middle East
- UAE unemployment rate was 2.5% in 2023
Middle East Interpretation
Looks like the UAE has turned unemployment into a unicorn: statistically real, but rarely seen in the wild.
North America
- Canada's unemployment rate was 6.1% in March 2024
North America Interpretation
While it's tempting to crack a joke about 6.1% of the population mastering the art of the extended coffee break, this number quietly underscores a persistent tightness in the job market that continues to pinch household budgets.
Oceania
- Australia's unemployment rate was 4.1% in March 2024
- New Zealand unemployment rate was 4.3% in Q1 2024
Oceania Interpretation
While Australia holds its job market steady like a responsible adult at 4.1%, New Zealand, just across the ditch, is slightly less tidy at 4.3%, proving that even at the party of low unemployment, someone always spills a little.
Regional
- U.S. unemployment rate in California was 5.3% in February 2024
- U.S. unemployment in New York was 4.1% in February 2024
- U.S. unemployment in Texas was 4.0% in February 2024
- U.S. unemployment in Florida was 3.3% in February 2024
- U.S. unemployment in Illinois was 4.5% in February 2024
- U.S. unemployment in Pennsylvania was 3.7% in Feb 2024
Regional Interpretation
The Sunshine State isn't just a nickname, it's an economic boast, while California's laid-back vibe now includes a few more involuntary participants.
Sectoral
- U.S. manufacturing unemployment 4.1% Feb 2024
Sectoral Interpretation
While a 4.1% manufacturing unemployment rate seems manageable on paper, it hints at a troubling squeeze where open factory jobs can't find the right hands, and some skilled hands can't find the right jobs.
US National
- The U.S. unemployment rate was 3.7% in February 2024, seasonally adjusted
US National Interpretation
The unemployment rate sits at a cozy 3.7%, meaning the economy is giving most job seekers a fairly warm welcome, but it’s still keeping a few résumés out in the cold.
Youth
- Youth unemployment rate (15-24) in South Africa was 59.7% in Q4 2023
- U.S. youth unemployment rate (16-24) was 12.6% in February 2024
- U.S. teen unemployment (16-19) was 13.4% in February 2024
- U.S. Black youth unemployment was 17.0% in 2023 annual avg
- U.S. Hispanic youth unemployment was 14.8% in 2023
- U.S. youth unemployment in California was 14.2% in 2023
- Kenya's youth unemployment was 67% in 2023
- Ethiopia youth unemployment 27.1% in 2023
Youth Interpretation
A startling glance at global youth unemployment reveals a grim lottery where being born in South Africa or Kenya offers odds akin to a coin flip on finding work, while even the most disadvantaged American youth face prospects that would be considered a national emergency elsewhere.
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