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Unit labour costs (ULCs) in OECD countries fell 0.2% in the second quarter of 2013 as labour productivity growth (0.4%) outpaced a rise in labour compensation (0.2%).
The NZ labour market is among the most flexible in the OECD, and outcomes for its young people have been among the best. However, labour-market opportunities are heavily determined by initial education, where New Zealand’s system is also successful and innovative in many ways.
The OECD unemployment rate decreased to 7.9% in July 2013, compared with 8.0% in the previous month.
While unemployment is gradually declining in the United States, Mexico and Japan, it is increasing in the Euro area. In emerging economies, tackling low paid employment in insecure jobs with little social protection remains a key challenge.
Joint statement by ILO Director-General Guy Ryder and OECD Secretary-General Angel Gurría on the occasion of the G20 Labour and Employment Ministers’ Meeting, Moscow, 18-19 July 2013
Unemployment in OECD countries will remain high through 2014, with young people and the low-skilled hit hardest, according to a new OECD report.
The OECD area employment rate – defined as the share of people of working-age who are employed – was 65.1% in the first quarter of 2013, unchanged from the previous quarter, and 0.2 percentage point higher than one year ago. This was still 1.4 percentage points below the level recorded in the second quarter of 2008, the quarter preceding the start of the global financial crisis.
The OECD and the International Labour Organisation (ILO) will publish updated G20 labour market data on Wednesday 17 July 2013 ahead of the G20 Labour and Employment Ministers meeting in Moscow.
The OECD unemployment rate was stable at 8.0% in April 2013, unchanged from the previous month.
Labour market reform to improve growth prospects and reduce inequality is a top priority in the face of rapid population ageing and a dualistic labour market. Sustaining output growth requires policies to mitigate the impact of rapid population ageing by increasing labour inputs from under-employed segments of the population.