OECD job markets remain tight though inflation is hitting real wages.
OECD job markets remain tight even though the global economy has slowed substantially since 2021. Employment has fully recovered since the COVID-19 crisis and unemployment is at its lowest level since the early 1970s. While nominal hourly wages have risen, to date they have not kept up with inflation, leading to a drop in real wages in almost all OECD countries.
The OECD Employment Outlook 2023 says that OECD-wide employment is projected to keep expanding in 2023 and 2024. In May 2023, the OECD unemployment rate remained at its record low of 4.8% for the third consecutive month. The unemployment rate was stable compared with April 2023 in 14 OECD countries including France, Germany and Japan, while it declined in 13 including Austria, Colombia, Greece, Italy and Norway. However, it rose in 5 OECD countries including Canada and the United States.
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