The OECD unemployment rate remained stable at 4.9% in October 2023, continuing below 5.0% since July 2022. Despite this overall stability, the number of unemployed persons in the OECD reached 33.4 million, marking the highest level in 2023. Notably, the youth unemployment rate (ages 15-24) increased to 10.9%, 0.8 percentage points above its April low, with significant variations across countries. Increases of more than one percentage point were observed in Australia, Colombia, Denmark, Finland, Hungary, and Italy. Some OECD countries recorded youth unemployment rates close to or above 20%. The euro area maintained a stable unemployment rate of 6.5%, with notable decreases in Austria, Lithuania, and Greece, the latter achieving a rate below 10% for the first time since August 2009. Outside Europe, unemployment rates in Australia, Canada, and the United States remained stable or saw slight increases, while Colombia experienced a pronounced rise. Recent data for November indicated a further increase in Canada's unemployment rate to 5.8%, while the United States saw a decrease to 3.7% from 3.9% in October.

SOURCE:GOOGLE