The table provides information on the unemployment rates for major economies.
The average unemployment rate among these major economies is approximately 6.5%, slightly lower than the previous average.
The unemployment rate in major economies has been on a downward trend in recent months. In May 2023, the average unemployment rate for the top 24 economies was 6.5%, down from 6.572083% in April 2023. The largest decrease in unemployment was in South Africa, where the rate fell from 32.7% to 32.9%. Other countries with significant decreases in unemployment included Spain (-0.39%), Brazil (-0.3%), and India (0.3%).
The countries with the lowest unemployment rates in May 2023 were Singapore (1.8%), Switzerland (2.0%), and Japan (2.6%). The countries with the highest unemployment rates were South Africa (32.9%), Argentina (6.3%), and Indonesia (5.45%).
+----+----------------+-----------+------------+-------------+--------+--------------+
| | Country | Current | Previous | Reference | Unit | Difference |
|----+----------------+-----------+------------+-------------+--------+--------------|
| 0 | Singapore | 1.8 | 2 | Mar/23 | % | -0.2 |
| 1 | Switzerland | 2 | 2 | Apr/23 | % | 0 |
| 2 | Japan | 2.6 | 2.8 | Apr/23 | % | -0.2 |
| 3 | South Korea | 2.6 | 2.7 | Apr/23 | % | -0.1 |
| 4 | Mexico | 2.8 | 2.4 | Apr/23 | % | 0.4 |
| 5 | Russia | 3.3 | 3.5 | Apr/23 | % | -0.2 |
| 6 | Netherlands | 3.4 | 3.5 | Apr/23 | % | -0.1 |
| 7 | Australia | 3.7 | 3.5 | Apr/23 | % | 0.2 |
| 8 | United States | 3.7 | 3.4 | May/23 | % | 0.3 |
| 9 | United Kingdom | 3.9 | 3.8 | Mar/23 | % | 0.1 |
| 10 | Saudi Arabia | 4.8 | 5.8 | Dec/22 | % | -1 |
| 11 | Canada | 5 | 5 | Apr/23 | % | 0 |
| 12 | China | 5.2 | 5.3 | Apr/23 | % | -0.1 |
| 13 | Indonesia | 5.45 | 5.86 | Mar/23 | % | -0.41 |
| 14 | Germany | 5.6 | 5.6 | May/23 | % | 0 |
| 15 | Argentina | 6.3 | 7.1 | Dec/22 | % | -0.8 |
| 16 | Euro Area | 6.5 | 6.6 | Apr/23 | % | -0.1 |
| 17 | France | 7.1 | 7.1 | Mar/23 | % | 0 |
| 18 | India | 7.8 | 7.5 | Mar/23 | % | 0.3 |
| 19 | Italy | 7.8 | 7.9 | Apr/23 | % | -0.1 |
| 20 | Brazil | 8.5 | 8.8 | Apr/23 | % | -0.3 |
| 21 | Turkey | 10 | 10 | Mar/23 | % | 0 |
| 22 | Spain | 13.26 | 12.87 | Mar/23 | % | 0.39 |
| 23 | South Africa | 32.9 | 32.7 | Mar/23 | % | 0.2 |
| 24 | Average | 6.50042 | 6.57208 | | | -0.0716667 |
+----+----------------+-----------+------------+-------------+--------+--------------+The following charts display the changes in the unemployment rates for major countries as of June 5, 2023. Seven countries experienced increases in unemployment rates, while 12 countries experienced decreases. The unemployment rate in the United States increased by 0.3%. The world economy is sending mixed signals. On the one hand, there are signs of strength, such as low unemployment rates and strong economic growth in some countries. On the other hand, there are also signs of weakness, such as rising inflation, supply chain disruptions, and the ongoing war in Ukraine. It is difficult to say at this time whether the world economy is headed for a recession or a period of sustained growth.
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