OECD unemployment rate was broadly stable in August 2022, reaching 4.9%

The unemployment rate in the OECD was broadly stable in August 2022, increasing slightly to 4.9%, after 4.8% in July and 4.9% in June.

The unemployment rate was below or equal to the pre-pandemic rate in 80% of OECD countries.

The number of unemployed workers in the OECD increased slightly for the first time since April 2021, reaching 33.2 million.

The OECD unemployment rate was stable for both women and men in August, at 5.1% and 4.7% respectively. However, the OECD unemployment rate for younger workers increased, reflecting a marked increase for younger men.

The unemployment rate was also stable in the euro area at 6.6% in August, as well as in one third of the euro area countries. The largest increases occurred in Austria and the Netherlands.

Outside the euro area, the unemployment rate fell slightly in Japan. The unemployment rate increased in the United States and more markedly in Canada in August, but slightly declined in both countries in September, according to more recent figures.

In the second quarter of 2022, the OECD employment rate, including both employees and self-employed, reached its highest level since the start of the series in 2005, climbing to 69.5% (Figure 3). About 80% of all OECD countries recorded an increase.

The OECD labour force participation rate – the share of the working-age population that is either employed or unemployed – hit 73.2% in Q2 2022, the highest level recorded since the start of the series in 2008 (Figure 4, Table 6). The female labour force participation rate in the OECD reached 65.9% for the first time since the start of the series.