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Unit labour costs (ULCs) in the OECD area rose by 0.3% in the second quarter of 2012, driven by continued increases in labour compensation per unit of labour input.
Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, show that the loss of momentum is likely to persist in the coming quarters in most major OECD and non-OECD economies.
Quarterly Gross Domestic Product (GDP) growth in the G20 area slowed to 0.6% in the second quarter of 2012 compared with 0.7% in the first quarter. This marks the third consecutive quarter of slowing growth in the G20 area but masks diverging patterns across economies.
The OECD unemployment rate increased slightly to 8.0% in July 2012 compared with 7.9% in the previous month.
Annual inflation in the OECD area rose by 1.9% in the year to July 2012, down from 2.0% in the year to June 2012. This easing in the annual rate of inflation mainly reflects slower growth in energy and food prices.
Merchandise trade slowed in most major economies in the second quarter of 2012, with contractions in all major European economies, India, Russia and South Africa.
Provisional estimates show that quarter-on-quarter growth in gross domestic product (GDP) in the OECD area slowed to 0.2% in the second quarter of 2012, compared with 0.5% in the previous quarter.
Composite leading indicators (CLIs) continue to point to an easing of economic activity in most major OECD economies and slowdowns in most major non-OECD economies.
Annual inflation in the OECD area rose by 2.0% in the year to June 2012, down from 2.1% in the year to May 2012. This easing in the annual rate of inflation masked opposing movements in energy and food prices.
The OECD area employment rate - defined as the proportion of people of working age (those aged 15 to 64) who are employed - was 64.9% in the first quarter of 2012.