OECD employment and labour force participation (LFP) rates remained broadly stable at 70.3% and 74% in the third quarter of 2024, marking the highest levels recorded since the start of the series in 2005 and 2008 respectively (Figure 1). Both indicators were at or near their record highs in 13 of the 38 OECD countries, including France, Germany, Japan, and Türkiye (Tables 1 and 2).
The employment rate exceeded the OECD average of 70.3% in about two-thirds of OECD countries in Q3 2024, with the notable exceptions of Italy and France among G7 countries. Türkiye remained the OECD country with the lowest employment rate, at 55.2%. In contrast, employment rates were above 80% in Switzerland, the Netherlands, and Iceland (Figure 2). Employment rates were stable in 15 OECD countries compared with the previous quarter. They fell in 12, with the largest declines observed in Luxembourg and Chile, and rose in 11, with the largest increase in Costa Rica (Table 1).
In Q3 2024, LFP rates for individuals aged 15 to 64 was higher than the OECD average of 74% in almost three-quarters of OECD countries, while Türkiye, Mexico, and Italy recorded the lowest rates. Compared with Q2 2024, LFP rates were unchanged in 15 OECD countries, increased in 12, and decreased in 11. The OECD LFP rates for women and men were also stable at record highs of 67.1% and 81%, respectively. Men’s LFP rates exceeded that of women in all OECD countries, with a gap of more than 30 percentage points (p.p.) in Türkiye and Mexico. The smallest gaps were recorded in Estonia, Finland, and Sweden at less than 3 p.p. (Tables 2 and 3, Figure 3).
In November 2024, the OECD unemployment rate held steady at 4.9%, having been at or below 5.0% since April 2022 (Table 4 and Figure 4). The unemployment rate remained at record lows for the fourth month in a row in the European Union (5.9%) and the euro area (6.3%). Compared with October, November unemployment rates were unchanged in 22 OECD countries, declined in 5, and rose in 5. Data for December 2024 shows that the unemployment rates remained broadly stable at 6.7% in Canada and 4.1% in the United States. In November 2024, the OECD unemployment rate was unchanged for both women and men and for younger workers and workers aged 25 and above (Tables 6 and 7).
Figure 1 – Labour market situation in the OECD area
Employment, labour force and inactive population, Q3 2024, and unemployment, November 2024, seasonally adjusted
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