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Unit labour costs (ULCs) in the OECD area rose by 0.3 % in the first quarter of 2012, the same rate as in the previous quarter, according to early estimates. This reflects increased labour compensation per unit of labour input and unchanged labour productivity.
The OECD area unemployment rate was unchanged at 7.9% in April 2012, around the same rate observed since January 2011, but 2.3 percentage points higher than the level recorded four years earlier. Differences in unemployment rates across OECD countries remain large.
Breaking down barriers to gender equality in education, employment and entrepreneurship would create new sources of economic growth and help make better use of everyone’s skills, according to a new OECD report.
The OECD has launched its Skills Strategy to help governments build economic resilience, boost employment and reinforce social cohesion. Despite the pressure on public finances, spending on education and skills is an investment for the future and must be a priority.
OECD and ILO heads call upon the Ministers of Labour and Employment of the G20 countries to put a greater, renewed emphasis on employment policies to help economies accelerate and sustain the recovery, achieve higher levels of decent work and get out of the debt trap, at the G20 Meeting in Mexico.
Young people continue to bear the brunt of the jobs crisis, with nearly 11 million 15 to 24 -year-olds out of work in OECD countries in early 2012. Youth unemployment in the OECD area in March 2012 was 17.1%, close to its November 2009 peak of 18.3%
The OECD area employment rate was 64.9% in the fourth quarter of 2011, according to new quarterly labour market statistics from the OECD.
The euro area unemployment rate rose by 0.1 percentage point (for the eighth consecutive month) to 10.8% in February, maintaining a record high since the start of the global financial crisis.
The OECD area unemployment rate was 8.2% in January 2012, having remained broadly unchanged throughout 2011.
The OECD area unemployment rate, unchanged at 8.2% December 2011, continued to show the stability seen throughout 2011.