The OECD employment and labor 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 this period in 2005 and 2008. Both indicators were at or near record highs in 13 of 38 OECD countries, including France, Germany, Japan and Turkey.
Employment levels exceeded the OECD average of 70.3% in around two-thirds of OECD countries in Q3 2024, with the exception of Italy and France among the G7 countries. Türkiye remains the OECD country with the lowest employment rate, at 55.2%. In contrast, employment rates are above 80% in Switzerland, the Netherlands and Iceland. Employment levels were stable in 15 OECD countries compared with the previous quarter. The figure fell in 12, with the largest decreases occurring in Luxembourg and Chile, and increased in 11, with the largest increase occurring in Costa Rica.
In Q3 2024, LFP figures for individuals aged 15 to 64 were higher than the OECD average of 74% in almost three-quarters of OECD countries, while Turkey, Mexico and Italy recorded the lowest figures. Compared with Q2 2024, LFP levels were unchanged in 15 OECD countries, increased in 12 countries, and decreased in 11 countries. OECD LFP rates for women and men also held steady at record highs of 67.1% and 81% respectively. Men’s LFP rates exceed women’s rates in all OECD countries, by more than 30 percentage points (pp) in Turkey and Mexico. The smallest gaps were recorded in Estonia, Finland and Sweden, namely less than 3 pp
In November 2024, the OECD unemployment rate remained stable at 4.9%, having been at or below 5.0% since April 2022 (Table 4 and Figure 4). Unemployment rates remained at record lows for the fourth consecutive month in the European Union (5.9%) and the Euro area (6.3%). Compared with October, the unemployment rate in November was unchanged in 22 OECD countries, decreased in 5 countries, and increased in 5 countries. Data for December 2024 shows that the unemployment rate remained broadly stable at 6.7% in Canada and 4.1% in the United States. In November 2024, the OECD unemployment rate remains unchanged for both women and men as well as for young workers and workers aged 25 and over.
Source: OECD
