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The well performing labour market has delivered low unemployment and relatively stable wage developments.
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The global crisis led to a smaller increase in the unemployment rate than in most other OECD countries as employment has been sustained through intensive use of reduced working time schemes.
The OECD unemployment rate was stable at 8.0% in November 2012, unchanged from the previous month.
Unit labour costs (ULCs) in the OECD area rose by 0.2% in the third quarter of 2012, driven by continued increases in labour compensation per unit of labour input.
The euro area crisis finds its roots in the credit booms seen in many countries following the introduction of the euro in 1999. Easy credit led to strong growth in a range of sectors, notably housing, as well as higher levels of public spending. Inflation in these over-heating economies was higher than the euro area as a whole. Rising prices led to rising costs and a loss of international competitiveness.
Australia’s labour market reforms over the past 15 years have boosted employment and cut welfare benefit dependency.
The OECD unemployment rate rose by 0.1 percentage point to 8.0% in October 2012 compared to the previous month.
An interview with Sigbjørn Johnsen, Minister of Finance, Norway.
High female participation in the workforce has a decisive effect on a country’s performance, as Norway shows.
These country notes profile public sector human resource practices and policies, covering issues including legal frameworks; age and gender composition of workers; public sector restructuring; management practices; industrial relations and reforms.
The OECD unemployment rate was 7.9% in September 2012, broadly the same rate observed since January 2011.