In January 2025, the OECD unemployment rate held steady at 4.8%, maintaining its record low reached in March 2023. This stability was reflected in the fact that the unemployment rate remained close to this level for an extended period. The latest data revealed that compared to December 2024, unemployment rates were unchanged in 19 OECD countries, decreased in 11, and increased in 3. The number of unemployed individuals in the OECD slightly decreased to 34 million in January.
Gender Disparities in Unemployment Rates
In January 2025, the unemployment rates for women and men in the OECD were 5.1% and 4.6%, respectively, remaining relatively stable. However, gender disparities were evident, with women experiencing higher unemployment rates than men in the European Union, the euro area, and 20 OECD countries. The largest gaps were observed in Spain, Greece, Türkiye, and Colombia. On the other hand, countries like Australia, Israel, and the United States had equal unemployment rates for both genders, while in 15 OECD countries, men faced higher unemployment rates than women.
Regional Variances in Unemployment Trends
Within the European Union and the euro area, unemployment rates remained steady at 5.8% and 6.2%, respectively. While half of the 17 OECD euro area countries saw stable rates, Finland and Lithuania experienced slight increases. In contrast, Greece and Ireland witnessed significant decreases in unemployment, with different age groups contributing to the decline. Outside the euro area, countries like Korea saw a notable decrease in unemployment, primarily driven by women aged 25 and above. However, Sweden bucked the trend with a sharp 1.1 percentage point increase in unemployment, the highest rate since August 1997, with both men and women aged 25 and above affected.
Data for February 2025 indicated that unemployment rates in Canada and the United States remained relatively stable at 6.6% and 4.1%, respectively. As the global economy continues to navigate through various challenges, these figures provide a snapshot of the complex and evolving landscape of employment across different regions.
Overall, the data paints a nuanced picture of the labor market dynamics, highlighting the impact of gender disparities and regional variations on unemployment rates. As policymakers and stakeholders grapple with these realities, it underscores the importance of targeted interventions to address the diverse needs of different demographic groups and regions. In a world where economic stability is a shared goal, these insights offer valuable perspectives on the road ahead.
