May 30, 2023

Tumbler Ridge News

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Employment and participation rates remain at record levels in Q3-2022

Both indicators reached their record levels in about 40% of OECD countries, the Paris-based international body said in a report.

In the third quarter of 2022, the number of people in work, either employed or self-employed, rose to an all-time high of 607.9 million, it said, adding that the employment rate for women in the OECD region rose slightly. , reached 62.4% but for men it reached 76.6% for the first time in two years.

The activity rate in the OECD area reached its highest historical level for women, and it was 80.6% for men, the same level as before the pandemic, when the unemployment rate in the OECD was 4.9%, the organization notes. November 2022 is the fifth consecutive month at this historic low point since the streak began in 2001. However, this average rate masks large differences between countries, with unemployment rates reaching much lower levels than in Australia and France.

The unemployment rate in OECD countries fell slightly to 5.1% for women, but held steady at 4.7% for men. It also declined slightly for young workers (ages 15-24) but remained stable for workers age 25 and older.

In the European Union and the Eurozone, the unemployment rate was 6.0% and 6.5% in November 2022, respectively, and outside Europe at historic lows, while in December 2022, the rate continued to decline to 5.0% in Canada, according to recent data (just 0.1 percentage point above its lowest level). And reaching 3.5% in the United States is a historic low point.