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OECD Unit labour costs stable in the third quarter of 2013
Spain has taken courageous steps to strengthen its labour market. Recent reforms have helped create jobs and should further boost competitiveness and employment in the years to come. But additional efforts are needed to boost competition in product markets and to improve assistance to job seekers, particularly young people, according to a new OECD report.
OECD unemployment rate stable at 7.9% in October 2013. Unchanged from the two previous months. Across the OECD area, 47.8 million persons were unemployed in October 2013, 13.1 million more than in July 2008.
The OECD unemployment rate was stable at 7.9% in September 2013. Across the OECD area, 47.9 million persons were unemployed, 0.1 million less than in August 2013, but still 13.2 million more than in July 2008.
The OECD area employment rate was 65.1% in the second quarter of 2013, 0.1 percentage point higher than in the previous quarter. 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.
There is no simple remedy for fixing the post-crisis global economy. But three key ingredients for sustainable long-term growth are jobs, equality and trust, said OECD Secretary-General in Washington.
The OECD unemployment rate stood at 7.9% in August 2013, unchanged from the previous month. Across the OECD area, 47.8 million persons were unemployed in August 2013.
The low-skilled are more likely than others to be unemployed, have bad health and earn much less, according to the first OECD Survey of Adult Skills. Countries with greater inequality in skills proficiency also have higher income inequality.
Endorsing the OECD’s Action Plan for Youth at the OECD’s annual Ministerial Meeting in Paris in May 2013, ministers underlined the need to focus attention on the most disadvantaged youth.
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%).