OECD unemployment remains at record low of 4.9% despite interest rates hikes and inflation pressures

A worker assembles a battery pack for hybrid electric vehicles at a BMW manufacturing plant in Spartanburg. Unemployment across the industrialised bloc of OECD countries remained at a record low of 4.9 per cent for a seventh consecutive month in January despite cost-of-living pressures and higher interest interests.

The strength of labour markets globally has confounded policymakers. An aggressive sequence of interest rate hikes would typically be associated with rising levels of unemployment. Irish unemployment was recorded at 4.3 per cent in February. However, the Paris-based Organisation for Economic Co-operation and Development’s said the unemployment rate was stable in 12 of 38 OECD countries, but close to its record low in only seven countries, including Canada, France, Germany, and the United States.

The OECD’s headline rate corresponded to 33.2 million people, close to the record low reached in July 2022.

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