The February 2024 International Labour Market Update report is now available.
This quarter we see that labour markets remained tight in the second half of 2023 and global shortages were high in the care, transport, retail, manufacturing, construction, and information and communications technology sectors.
The global labour market remained resilient in a time of slow economic growth with the global unemployment rate declining to pre-pandemic levels of 5.1%. For the most advanced economies, unemployment rates rose throughout 2023 with Canada showing the largest increase in the unemployment rate from 5.0% at the end of 2022 to 5.8% in September 2023. Italy’s unemployment rate continued a steady decline and has not risen since late 2020.
For more insights on the economic outlook, labour force participation, job vacancies and much more, read the full report.
If you have any questions or comments or want to know more, please email: migration@jobsandskills.gov.au.
