2006–2025 — quarterly OECD standardised unemployment rates as % of labour force
Key observations
France and Italy started 2016 with very high unemployment (10.1% and 11.7% respectively) — structural legacies of the Eurozone debt crisis. Both have since improved substantially, with Italy reaching near-historic lows by 2024.
Japan has the lowest unemployment among the G7, consistently around 2.5–3%, reflecting tight labour markets, cultural norms around lifetime employment, and a declining working-age population.
COVID caused a much smaller unemployment spike in Europe than in North America because of furlough/short-time work schemes (Kurzarbeit in Germany, furlough in the UK). The US had a dramatic spike to 8.1% in 2020 on annual average.
US unemployment has been remarkably low since 2022 — near 3.6%, the tightest labour market since the 1960s — aided by strong demand but also participation shifts post-COVID.
Canada's unemployment has risen since 2022 as rapid population growth outpaces job creation, reaching over 6% by 2024.
Germany's unemployment has edged up since 2022, reflecting its economic slowdown — though still below its 2016 level.
Sources: OECD Statistics, standardised unemployment rates (% of labour force). Quarterly data interpolated from monthly/annual OECD data. 2025 values are OECD/IMF projections. Chart shows quarterly data; hover to see exact rates.