Unit labour costs (ULCs) in OECD countries decreased by 0.1% in the first quarter of 2013, compared with a rise of 1.1% in the fourth quarter of 2012. This was driven by lower growth of labour compensation per unit of labour input (0.3% compared with 0.9% in the previous quarter), and increased labour productivity growth (0.4% compared with minus 0.2%).
The OECD unemployment rate decreased to 8.0% in March 2013, compared with 8.1% in the previous month. However, this small decline masks diverging patterns across countries.
The gap between rich and poor in OECD countries has reached its highest level for over over 30 years, and governments must act quickly to tackle inequality, according to a new OECD report.