OECD area employment higher than pre-pandemic levels

ISTANBUL

Labor markets in countries of the Organization of Economic Cooperation and Development (OECD) countries remain tight, with total employment higher than before the COVID-19 pandemic, said a new report the organization released on Tuesday.

The OECD unemployment rate is close to its lowest level since at least 2001, it noted, adding: "Jobs growth has slowed, however, and real wages have recovered to pre-2020 levels in only 19 of the 35 OECD countries."

The organization estimated that employment in its area reached 662 million in May 2024 – up about 25% since 2000 – and is expected to grow at around 0.7% a year over 2024-25.

The OECD-wide unemployment rate stood at 4.9% in May 2024, and is projected to increase slightly, it stressed.

The report said: "Real wages have been catching up on the lost ground in 2022 and the first part of 2023.

"By the first quarter of 2024, annual real wage growth was positive in 29 of the 35 OECD countries."