Labour market conditions were stable in October, with the jobless rate remaining below the 5% mark, according to new data from the Organization for Economic Cooperation and Development (OECD).
The Paris-based group reported that the unemployment rate for the OECD countries came in at 4.9% in October, as rates were stable in 19 countries, rose in five countries and declined in seven.
The jobless rate remained at record low levels in the European Union in October.
Meanwhile November data indicated that the unemployment rate for Canada rose to 6.8%, while it remained unchanged at 4.2% in the U.S., the OECD said.
The jobless rate for the OECD overall has now been at, or below, the 5% mark since March 2022, it noted — yet, the number of unemployed workers edged up slightly in October to 34.1 million for the OECD area.
For younger workers (aged 15 to 24), the jobless rate was also unchanged in October at 11.3%, the OECD said, with youth unemployment remaining above 20% in nine countries.