Labour markets remained robust, with employment and participation rates staying at record highs in the third quarter of 2024, according to new data from the Organization for Economic Cooperation and Development (OECD).
On Thursday, the Paris-based group reported that the overall employment rate across the OECD was stable at 70.3% in the third quarter, and the labour force participation rate remained at 74%, which are record high levels.
Within the OECD, both metrics were at record high levels in 13 of 38 countries, including France, Germany and Japan, it reported.
As well, about two-thirds of the OECD reported employment rates above the group’s overall average in the third quarter.
Compared with the previous quarter, the employment rate was stable in 15 countries, declined in 12 and rose in 11.
Labour participation rates were also stable in 15 countries, increased in 12 countries and declined in 11, the OECD said.
Against this backdrop, the jobless rate has also remained stable at record lows, the report noted.
In November 2024, unemployment rates were unchanged in 22 OECD countries, it said. In December, jobless rates remained broadly stable at 6.7% in Canada and 4.1% in the U.S.