Labour Market
Pulse of the Labour Market
Labor market data, such as employment levels, can be influenced by weather, harvests, major holidays and school schedules. Seasonal adjustment removes the effects of these predictable recurring seasonal influences. This allows better observations of underlying labour market trends.〔NSA: Non-Seasonally Adjusted & SA: Seasonally Adjusted〕
〔April 2026〕Civilian Unemployment Rate: 4.0% (NSA) and 4.3% (SA)
United States
Civilian Unemployment Rate
Civilian Unemployment Rate shows the share of people who don’t have a job but are actively looking for one, compared to the total labour force. The labour force includes people who are either employed or unemployed (actively seeking work), as long as they are:
(1) 16 years or older.
(2) Residing in one of the 50 U.S. states or the District of Columbia.
(3) Not living in institutions (i.e. prisons, nursing homes or mental health facilities).
(4) Not serving on active duty in the Armed Forces (i.e. civilian).
〔April 2026〕Total Nonfarm Payroll Employment: Monthly Change +115,000 Persons
Total Nonfarm Payroll
(Seasonally Adjusted; in 000s)
Total Nonfarm Payroll measures the number of U.S. workers in the economy, excluding proprietors, private household employees, unpaid volunteers, farm workers, and the unincorporated self-employed. It represents approximately 80 percent of the workers who contribute to Gross Domestic Product (GDP).
Changes in this measure reveal the number of jobs gained or lost. Rising employment indicates business growth and higher personal incomes, which can increase disposable income and support further economic expansion.
〔April 2026〕ADP: +109,000 Persons (Monthly Change in Private Employment)
Private Sector Employment
(Seasonally Adjusted)
ADP (Automatic Data Processing, Inc.), a private payroll processing company, estimates monthly changes in private sector employment. Unlike the government’s Total Nonfarm Payroll report, the ADP report excludes government jobs and focuses solely on the private sector.
It is often viewed as a preview or early indicator of the upcoming Total Nonfarm Payroll data, providing insights into potential job gains or losses before the official government data are released.
〔March 2026〕Job Openings and Labour Turnover Survey (JOLTS): 6,866,000 Jobs (Monthly)
JOLTS
(Seasonally Adjusted; in 000s)
The Job Openings and Labour Turnover Survey collects data from a sample of approximately 21,000 U.S. business establishments by the Bureau of Labour Statistics (BLS).
JOLTS is a unique economic indicator of unmet labour demand, assessing the presence and extent of labour shortages in the United States.
It is also an important measure of labour market tightness, complementing traditional measures of unemployment.
〔April 2026〕Labour Force Participation Rate: 61.8%┃Employment-Population Ratio: 59.1%
LFPR and EPOP
(Seasonally Adjusted)
LFPR (Labour Force Participation Rate) represents the proportion of the civilian noninstitutional population that is in the labour force. In other words, it indicates the percentage of the population that is either employed or unemployed but actively seeking employment.
EPOP (Employment–Population Ratio) represents the proportion of the civilian noninstitutional population that is employed. It thus signifies the percentage of the population currently working.
United Kingdom
〔Q4 2025〕Unemployment Rate by Sex: Total 5.2%┃Men 5.7%┃Women 4.7%
Unemployment Rate
(Seasonally Adjusted)
Unemployment counts people without a job who have actively looked for work in the past four weeks and are available to start work within the next two weeks.
Unemployment Rate does not represent the share of the total population that is unemployed. Instead, it represents the proportion of the economically active population, including those in work and those seeking and available to work, who are unemployed.
Employment Rate measures the proportion of people aged 16 to 64 who are employed in paid work.
The LFS (Labour Force Survey) estimates are official statistics currently under development.
〔January 2026 – March 2026〕Number of Vacancies: 711,000 Jobs
Number of Vacancies
(Seasonally Adjusted)
Vacancies are positions for which employers are actively seeking to recruit from outside their business or organisation.
In essence, vacancy statistics indicate the level of demand for workers and thereby signal potential labour shortages or a tight labour market. Conversely, low vacancy levels imply weaker demand for workers, reduced hiring activity or subdued economic conditions.
The estimates are generated from the Vacancy Survey, which collects information from businesses to provide an overview of the stock of vacancies across the economy. The survey excludes agriculture, forestry and fishing, as these sectors are too small for practical estimation.
〔March 2026〕Unemployment Rate by Sex and Age (Total): 6.2%
Euro Area (EA)
Unemployment Rate
(Seasonally Adjusted)
An unemployed person is defined by Eurostat, according to the guidelines of the International Labour Organization, as someone who meets all of the following criteria:
(1) Aged 15 to 74.
(2) Not employed during the reference week.
(3) Currently available for work, meaning the person is able to start paid employment or self-employment within two weeks after the reference week.
(4) Actively seeking work, either by job-searching in the four weeks ending with the reference week or having secured a job to start within three months.
Unemployment Rate is the proportion of people who are unemployed within the labour force (employed and unemployed).
〔March 2026〕Unemployment Rate by Sex and Age (Total): 6.0% Seasonally Adjusted
European Union
EU and EA
The European Union (EU) is a unique economic and political union comprising 27 European countries. Its members collaborate to enhance the well-being of people across Europe, and even further afield.
27 EU Countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
The Euro area (Eurozone) is a subset of the European Union, consisting 21 of the EU countries that have adopted the euro (€) as their official currency.
Czechia, Denmark, Hungary, Poland, Romania and Sweden are 6 members of the European Union that do not use the euro as their official currency.
Canada
〔April 2026〕Unemployment Rate: 7.1% (NSA) and 6.9% (SA)
Unemployment Rate
Unemployment Rate represents the share of the labour force without a job who are actively seeking work.
The Labour Force consists of both employed and unemployed individuals in the civilian non-institutional population 15 years of age and over. Employed people are those who have a job or operate a business, while unemployed people are those without work but who are available and actively looking for employment.
Unemployment Rate = (Number of Unemployed Persons ÷ Labour Force) x 100
〔April 2026〕Participation Rate: 64.8% (NSA) and 65% (SA)
Participation Rate
Participation Rate refers to the total labour force as a percentage of the civilian non-institutional population aged 15 years and over.
Participation Rate = (Labour Force ÷ Civilian Noninstitutional Population aged 15 years and over) x 100
Persons who are not in the labour force include those who are unable or unavailable to work. They also include individuals without work who have neither actively sought employment in the past four weeks nor have a job to start within four weeks of the Labour Force Survey reference week.
〔Q4 2025〕Unemployment Rate by Sex: Total 5.4%┃Men 5.3%┃Women 5.6%
New Zealand
Unemployment Rate
(Seasonally Adjusted)
Unemployment Rate is the percentage of the labour force that is unemployed but actively seeking employment.
To be classified as unemployed, a person must meet all of the following criteria:
(1) The person is not employed.
(2) The person has been available in the previous week to start paid work.
(3) The person has been actively seeking paid work in the four weeks prior to the census.
Actively seeking work means taking concrete actions beyond simply looking at job vacancies, such as applying for jobs or contacting employers. If the person’s only job search activity was viewing job advertisements, they are not considered actively seeking work.
〔Q4 2025〕Underutilisation Rate by Sex: Total 13%┃Men 11.1%┃Women 14.9%
Underutilisation Rate
(Seasonally Adjusted)
Underutilisation includes individuals who:(1) Unemployed: Do not have a job, are available to work and are actively pursuing employment.
(2) Underemployed: Are employed part-time (fewer than 30 hours per week) but are willing and available to work more hours.
(3) Available potential jobseekers: Want a job and are available to work but are not currently seeking employment.
(4) Unavailable jobseekers: Are not able to start work immediately but are looking for a job they can begin within the next month.
(3) and (4) together constitute the Potential Labour Force.
The Extended Labour Force comprises the Labour Force (employed and unemployed persons) plus the Potential Labour Force.
Underutilisation Rate = (Number of Underutilised Persons ÷ Extended Labour Force) x 100
〔Q4 2025〕Labour Force Participation Rate by Sex: Total 70.5%┃Men 74.3%┃Women 66.9%
LFPR
(Non – Seasonally Adjusted)
LFPR (Labour Force Participation Rate) is the percentage of the working-age population (people aged 15 years and over) who are either employed or unemployed. The calculation excludes individuals whose work and labour force status is classified as ‘unidentifiable’.
LFPR = (Labour Force ÷ Working-Age Population “15 years and over”) x 100
LFPR serves as a key labour market statistic since it indicates the proportion of the working-age population that is actively contributing to the economy, either by working or actively seeking employment. An increasing LFPR signals a stronger potential workforce, thus indicating a more positive economic outlook.
Estimates from the HLFS (Household Labour Force Survey) are official statistics and form the primary source of labour market data in New Zealand.
Japan
〔March 2026〕Unemployment Rate by Sex: Total 2.7%┃Men 2.9%┃Women 2.4%
Unemployment Rate
(Seasonally Adjusted)
Unemployment Rate represents the proportion of unemployed persons in the labour force, which consists of all individuals aged 15 years and over who are either employed or unemployed.
In Japan, a person is considered “unemployed” if he or she simultaneously meets the following three criteria:
(1) The person is not working.
(2) The person is available for work if a job is offered.
(3) The person is actively seeking work or has arranged to start work.
“Actively Seeking Work” refers to persons who have sought employment or prepared to start a business within the past week, as well as those awaiting the results of previous job applications from past job seeking activities.
〔March 2026〕Job Opening Ratio: 1.22 times (NSA) and 1.18 times (SA)
Job Opening Ratio
Job Opening Ratio is calculated as the number of job offers (including new openings and those carried forward from the previous month) divided by the number of job seekers registered at public employment security offices (Hello Work) all over the country. In other words, it indicates the number of available job offers per job seeker. It reflects the tightness of labor supply and demand.
(1) A ratio greater than 1.0 indicates that there are more job openings than applicants, signaling a tight (undersupplied) labor market.
(2) A ratio less than 1.0 indicates more applicants than job openings, signaling a looser (oversupplied) labor market.
(3) A ratio close to 1.0 indicates that the labor supply and demand are approximately balanced.
A balanced labor market is indicative of economic stability, supporting the objectives of sustainable wage growth and price stability.
〔March 2026〕Unemployment Rate: 4.3%┃Previous 4.3% (Seasonally Adjusted)
Australia
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