Between threats of inflation, fears of recession, and the realities of a labor shortage, the first three-quarters of 2022 have been turbulent. Many economists predict the global economy is not expected to recover until sometime in 2023. However, while economic concerns are high, the global unemployment rate remains low.
The unemployment rate among Organization for Economic Co-operation and Development (OECD) members reached 4.9% in August. Four-out-of-five OECD members have unemployment rates below or equal to their pre-pandemic rates. The unemployment rate in the Euro area remained stable at 6.6%.
As 2022 comes to a close, what do these numbers mean for 2023 and the future of the Global Labor Market?