Job markets remain tight even though the global economy has slowed substantially since 2021. Employment has fully recovered since the COVID-19 crisis and unemployment is at its lowest level since the early 1970s. While nominal hourly wages have risen, to date they have not kept up with inflation, leading to a drop in real wages in almost all OECD countries. The OECD Employment Outlook 2023 says that OECD-wide employment is projected to keep expanding in 2023 and 2024. In May 2023, the OECD unemployment rate remained at its record low of 4.8% for the third consecutive month. The unemployment rate was stable compared ... (full story)