April 25, 2022
The OECD (Organisation for Economic Co-operation and Development) employment rate, which is the percentage share of the working-age population in employment, including employees and the self-employed, rose to 68 .7% in the fourth quarter of 2021, compared to 68.2% in the third quarter.
The figure of 68.7% was 0.2% lower than the rate recorded in the fourth quarter of 2019.
The OECD labor force participation rate, the share of the working-age population that is either employed or unemployed, rose slightly to 72.8%, again approaching the level recorded in the fourth quarter of 2019, with increases in employment translating into corresponding declines in employment. unemployment. The OECD added that these latest figures exclude any potential impact of current economic and geopolitical uncertainties on the OECD labor market.
Increases in the employment rate have been reported in four-fifths of OECD countries. The largest increases (over 1.0%) were recorded in Chile, Iceland, Israel and Turkey, with decreases recorded only in Belgium, Colombia, Latvia, Luxembourg and Turkey. Slovenia.
The employment rate rose by 0.4% to 68.8% in the euro area, with the strongest increases recorded in Finland and Ireland. It rose in Canada, to 74.7%, its highest level since comparable data became available in 1976, and in the United States to 70.5%, still 1.2% below the rate of before the pandemic.
More recent data for the first quarter of 2022 shows that employment rates have increased further in the United States (to 71.0%) and Canada (to 75.1%).
In the fourth quarter, employment rates were above or equal to pre-pandemic levels in 23 OECD countries and for the first time in Canada, Lithuania and the Slovak Republic.
The OECD employment rate increased in all groups. It continued to increase for women to 61.5% and men to 76.0% in Q4 2021 and across all age groups. Nonetheless, employment rates remained below pre-pandemic levels for all groups.
Earlier data released this month by the OECD showed that the unemployment rate in the OECD area fell to 5.2% in February 2022, from 5.3% in January 2022, falling below for the first time from the pre-pandemic rate recorded in February 2020, and reaching the lowest level since this data series began in 2001.