2024 Unemployment Rate. The rise in lfpr was accompanied by an increase in the worker population ratio (percentage of labour force that is employed) and a decrease in the open unemployment. Unemployment refers to the share of the labor force that is without work but available for and seeking employment.
The oecd unemployment rate was stable at 4.9% in march 2024, continuing to remain below or at 5.0% for the last two years. As of march 2024, the urban unemployment rate for those aged 15 and above declined to 6.7%, down from 6.8% in the same quarter the previous year.