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The OECD area employment rate – defined as the share of people of working-age who are employed – was 65.1% in the fourth quarter of 2012, 0.1 percentage point higher than in the previous quarter and 0.2 percentage points higher than one year ago.
The economic situation of young people is unsatisfactory. Educational inequalities have been widening for over a decade, due to a sharp decline in the results of the most highly disadvantaged students. The unemployment rate for the 20-24 age bracket has not dropped below 16% for nearly 30 years.
The OECD unemployment rate decreased to 8.0% in February 2013, compared with 8.1% in the previous month. The unemployment rate in the euro area was stable (at 12.0%) in February, but still 1.1 percentage point higher than its mid-90’s peak.
Re-igniting growth and putting people back to work will be essential to restore citizens’ confidence with positive spill-over effects on other policy measures and their effectiveness, said OECD Secretary-General.
Income inequality in Colombia has declined since the early 2000s but remains very high by international standards. While most of the inequality originates from the labour market, wealth – and thus capital income – is also highly concentrated and the tax and transfer system has little redistributive impact.
Income inequality in Colombia has declined since the early 2000s but remains very high by international standards. Income dispersion largely originates from the labour market, which is characterised by a still high unemployment rate, a pervasive informal sector and a wide wage dispersion reflecting a large education premium for those with higher education.
Localities across the OECD area are confronted with the challenge of reducing high and persistent unemployment and defining new sources of economic growth, all in the context of shrinking public resources. The 9th Annual Meeting offered an opportunity to reflect on innovative ways to support local job creation, business growth and effective policy delivery.
Growth in Unit labour costs (ULCs) in the OECD area accelerated to 0.6% in the fourth quarter of 2012, compared to 0.2% in the third quarter. Overall, growth in labour compensation per unit of labour input slowed marginally (to 0.3% compared to 0.4% in the third quarter). But this was more than offset by a significant slowdown in labour productivity (minus 0.3% compared to plus 0.2% in the previous quarter).
Employment has risen by more and unemployment has risen less than expected, given the path of output. Nevertheless, long-term and youth unemployment and involuntary part-time work are high. A polarised labour market risks worsening income inequality, which is high by OECD standards, despite a recent and likely temporary decline.
The OECD unemployment rate increased to 8.1% in January 2013, compared with 8.0% in the previous month.