wood cut-outs

The labour market remained tight to end 2023, with the jobless rate sticking at its record low level in November, the Organization for Economic Cooperation and Development (OECD) reports.

The unemployment rate for the OECD came in at 4.8% for the ninth consecutive month, as the rate in 20 countries was unchanged, while seven countries saw their rates decline, and six registered increases.

More recent data for Canada and the U.S. showed continued stability in the jobless rate, which was unchanged for both countries in December, at 5.8% and 3.7%, respectively.

The rate was also broadly stable at record lows in the European Union at 5.9%, the OECD noted.

The Paris-based group reported that in the third quarter of 2023, the labour force participation rate for the OECD area came in at 73.8% and the employment rate was 70.1%, which are also record levels for these metrics.