While 205 million people worldwide were officially unemployed in 2022, a number that reveals a stark global disparity, from Spain's 11.3% to Germany's 3.3%, the true story of joblessness is woven from deeper threads of long-term hardship, youth disenfranchisement, and uneven sectoral recoveries.
Key Takeaways
- The global unemployment rate stood at 5.1% in 2022, affecting approximately 205 million people worldwide, according to the International Labour Organization's World Employment and Social Outlook report
- In 2023, youth unemployment (ages 15-24) globally reached 13.8%, with 72.7 million young people unemployed, per ILO data
- Sub-Saharan Africa's unemployment rate was 5.9% in 2022, higher than the global average due to structural issues, from ILOSTAT database
- The US unemployment rate was 3.7% in December 2023, with 6.3 million unemployed, Bureau of Labor Statistics (BLS)
- US Black or African American unemployment rate was 5.3% in July 2024, BLS Current Population Survey
- In 2023 annual average, US unemployment was 3.6%, lowest since 1969, BLS
- Euro area unemployment rate was 6.4% in July 2024, Eurostat
- Germany's unemployment rate 3.3% in July 2024, Destatis/Federal Employment Agency
- Spain's unemployment hit 11.3% in Q2 2024, highest in EU, INE Spain
- Global youth unemployment rate (15-24) was 13.2% in 2023, affecting 64.8 million, ILO
- In the US, Black youth unemployment was 15.2% in 2023, BLS
- Women aged 25-34 unemployment globally 6.1% in 2022, ILOSTAT
- US retail trade unemployment 4.5% in July 2024, BLS CES
- Global agriculture sector employs 27% of workforce but high underemployment, ILO
- US leisure and hospitality unemployment 5.2% in July 2024, BLS
Global unemployment varies by region, age, and gender, with youth disproportionately affected.
Demographic Unemployment
- Global youth unemployment rate (15-24) was 13.2% in 2023, affecting 64.8 million, ILO
- In the US, Black youth unemployment was 15.2% in 2023, BLS
- Women aged 25-34 unemployment globally 6.1% in 2022, ILOSTAT
- EU female unemployment 6.5% vs male 6.3% in 2023, Eurostat
- In India, rural youth unemployment 17.5% in 2022-23, PLFS NSSO
- US Hispanic youth (16-24) unemployment 13.4% in summer 2023, BLS
- Global older workers (55+) unemployment 3.2% in 2022, lower than youth, ILO
- In South Africa, youth unemployment 59.7% for 15-24 in Q1 2024, Stats SA
- UK female unemployment 4.0% vs male 4.3% in 2023, ONS
- Australia Indigenous unemployment 15.7% in 2023, ABS
- In Brazil, female unemployment 9.2% vs male 6.8% in 2023, IBGE
- China urban youth unemployment peaked at 21.3% in June 2023, NBS China
- Canada visible minorities unemployment 8.1% in 2023, StatsCan
- Japan elderly (65+) unemployment 2.5% in 2023, lowest globally, Statistics Bureau Japan
- In OECD countries, migrant unemployment 10.2% vs natives 5.1% in 2022, OECD
Demographic Unemployment Interpretation
It seems the global job market is a masterclass in inequity, where youth, minorities, and women often get the worst seats while older workers smugly guard the comfy chairs.
EU Unemployment
- Euro area unemployment rate was 6.4% in July 2024, Eurostat
- Germany's unemployment rate 3.3% in July 2024, Destatis/Federal Employment Agency
- Spain's unemployment hit 11.3% in Q2 2024, highest in EU, INE Spain
- France unemployment 7.4% in Q1 2024, INSEE
- Italy's unemployment 6.6% in June 2024, ISTAT
- EU youth unemployment (15-24) averaged 14.5% in 2023, Eurostat
- Netherlands unemployment 3.8% in Q2 2024, CBS
- Poland's unemployment 5.0% in July 2024, GUS
- Greece unemployment fell to 10.1% in May 2024 from 26% peak, ELSTAT
- Sweden unemployment 8.8% in June 2024, SCB
- Belgium unemployment 5.8% in Q1 2024, Statbel
- Austria unemployment 6.3% in July 2024, AMS
- Portugal unemployment 6.4% in Q1 2024, INE Portugal
- Finland unemployment 8.2% in June 2024, Statistics Finland
- EU long-term unemployment share 34.2% in 2023, Eurostat
- Ireland unemployment 4.4% in June 2024, CSO
- Denmark unemployment 5.0% in July 2024, Statistics Denmark
EU Unemployment Interpretation
Europe's labor market presents a starkly varied landscape, where Germany enjoys a near-full employment party while Spain's persistently high youth queue and the EU's stubbornly long-term unemployed suggest the continent's economic engine is still sputtering badly in too many crucial cylinders.
Global Unemployment
- The global unemployment rate stood at 5.1% in 2022, affecting approximately 205 million people worldwide, according to the International Labour Organization's World Employment and Social Outlook report
- In 2023, youth unemployment (ages 15-24) globally reached 13.8%, with 72.7 million young people unemployed, per ILO data
- Sub-Saharan Africa's unemployment rate was 5.9% in 2022, higher than the global average due to structural issues, from ILOSTAT database
- The unemployment rate in Latin America and the Caribbean averaged 6.2% in 2022, with Brazil contributing significantly, World Bank data
- Northern Africa's unemployment rate was 11.2% in 2022, driven by youth joblessness, ILO Global Employment Trends
- In 2022, the global female unemployment rate was 5.3%, slightly higher than males at 5.0%, ILOSTAT
- Asia and the Pacific region had a 4.6% unemployment rate in 2022, lowest among regions, ILO report
- During COVID-19 peak in 2020, global unemployment surged to 6.5%, adding 33 million jobless, ILO
- Projected global unemployment rate for 2023 is 5.0%, recovering slowly, IMF World Economic Outlook
- In 2022, 473 million people in extreme poverty were unemployed globally, ILO-World Bank joint report
- Central and Southern Asia unemployment at 5.2% in 2022, ILOSTAT
- Eastern Europe's unemployment fell to 5.4% in 2022 post-COVID, ILO
- Global long-term unemployment affected 31.6% of jobless in 2022, OECD data
- In 2023 Q1, world unemployment rate dipped to 4.9%, Trading Economics aggregate
- Unemployment in least developed countries averaged 5.8% in 2022, UN data
Global Unemployment Interpretation
The global economy may be nervously patting itself on the back for a headline rate of 5.1%, but that statistic coldly translates to 205 million individual struggles, with the burden unfairly shouldered by the young, women, and entire regions from Northern Africa to Latin America.
Long-term Unemployment
- In 2022, US long-term unemployment (27+ weeks) was 1.2 million people, 20% of total, BLS
- EU long-term unemployment rate 2.3% in 2023, down from 3.1% in 2020, Eurostat
- Globally, long-term unemployed share 26.1% in 2022, ILO
- Spain long-term unemployment 45.2% of total in 2023, highest in EU, Eurostat
- US long-term unemployment rate 1.3% in July 2024, BLS
- Italy long-term unemployment affected 2.5 million in 2023, ISTAT
- In OECD, long-term unemployment averaged 1.8% in 2022, OECD Stats
- Greece long-term unemployment fell to 55.3% share in 2023 from 80%, ELSTAT-Eurostat
- UK long-term unemployment 28.4% in 2023, ONS
- South Africa long-term unemployment 70% of total youth in 2023, Stats SA
- Japan very long-term (1+ year) unemployment low at 0.8% 2023, Statistics Japan
- Australia long-term unemployment 1.1% in 2023, ABS
- Canada long-term unemployment rate 9.4% share in 2023, StatsCan
- India long-term unemployment urban 3.2% in 2022-23, PLFS
- France long-term unemployment 37.5% in 2023, INSEE-DARES
- Global projection: long-term unemployment to rise if growth slows, IMF
- Portugal long-term unemployment 52.1% share 2023, Eurostat
Long-term Unemployment Interpretation
The world of long-term unemployment is a tale of two realities: while many major economies like the US, Japan, and Australia keep it under tight control at around 1%, several European nations like Spain, Greece, and Portugal are wrestling with a persistent and deeply entrenched crisis where nearly half or more of their jobless have been searching for over six months.
Sectoral Unemployment
- US retail trade unemployment 4.5% in July 2024, BLS CES
- Global agriculture sector employs 27% of workforce but high underemployment, ILO
- US leisure and hospitality unemployment 5.2% in July 2024, BLS
- Mining unemployment in Australia 2.8% in 2023, lowest sector, ABS
- EU construction unemployment 7.1% in 2023, Eurostat
- In India, manufacturing unemployment 6.5% in 2022-23 urban, PLFS
- US information sector unemployment 3.1% in 2023, BLS
- Finance and insurance US unemployment 2.4% July 2024, BLS
- Global services sector unemployment lower at 4.8% vs industry 5.3% in 2022, ILOSTAT
- UK transport and storage unemployment 4.8% in 2023, ONS
- South Korea semiconductor sector unemployment spiked to 4.2% amid layoffs 2023, KOSTAT
- Canada oil and gas unemployment 7.5% in Alberta 2023, StatsCan
- EU manufacturing unemployment 6.8% in Germany 2023, Destatis
- US education and health services unemployment 3.9% July 2024, BLS
- Global tourism unemployment recovery to 5.9% in 2023 post-COVID, UNWTO-ILO
- In France, automotive sector unemployment 9.2% 2023, DARES
- US government unemployment 1.9% in 2023, BLS
- Brazil agriculture unemployment 5.1% rural 2023, IBGE
- OECD wholesale trade unemployment average 4.2% 2022, OECD
Sectoral Unemployment Interpretation
The global job market, much like a bizarre dinner party, reveals that while governments and tech finance are comfortably nibbling hors d'oeuvres (with unemployment under 3%), sectors like construction and automotive are stuck trying to open the stubborn wine bottle (hovering near 9%).
US Unemployment
- The US unemployment rate was 3.7% in December 2023, with 6.3 million unemployed, Bureau of Labor Statistics (BLS)
- US Black or African American unemployment rate was 5.3% in July 2024, BLS Current Population Survey
- In 2023 annual average, US unemployment was 3.6%, lowest since 1969, BLS
- US youth unemployment (16-24) was 12.2% in July 2024, BLS
- Long-term unemployment in US accounted for 20.8% of total unemployed in 2023, BLS
- US manufacturing unemployment rate was 4.2% in 2023, BLS industry data
- In California, unemployment was 5.2% in June 2024, vs national 4.1%, BLS state data
- US Hispanic or Latino unemployment rate 5.0% in July 2024, BLS
- During 2020, US unemployment peaked at 14.8% in April, BLS historical
- US labor force participation rate was 62.7% alongside 3.7% unemployment in 2023, BLS
- In New York City, unemployment was 4.5% in 2023, NY State DOL
- US construction unemployment 4.0% in July 2024, BLS CES
- Women’s unemployment rate in US was 3.4% in 2023, BLS
- US prime-age (25-54) unemployment 3.8% in 2023, BLS
- In Texas, unemployment rate 4.1% in June 2024, BLS
US Unemployment Interpretation
While a headline-grabbing 3.7% national rate might suggest the economy is comfortably humming along, it’s important to remember that this tidy average masks a more complex engine, one where certain groups like youth are still sputtering at 12.2% while others, like women, are purring at 3.4%.
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