GDP growth has been moderate with significant divergence between countries

Total employment stabilised in 2023 in the OECD

Unemployment rates remain at historically low levels in many countries

Labour force participation rates have continued to increase over the past year

The post-pandemic decline in average hours worked per worker is generally consistent with long-term trends

Labour markets remain tight in many countries even as pressure is easing

Employment in the OECD is projected to continue to grow in 2024 and 2025, with the unemployment rate also inching up slightly

Inflation remains high but has declined significantly since the peak of 2022

While real wage growth has turned positive in 2023, it remains below 2019 levels in several countries

Monthly data point to continued improvement in real wage growth