Unit labour costs (ULCs) in the OECD area rose by 0.5% in the second quarter of 2014, compared with 0.9% in the previous quarter.
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The unemployment rate in Indonesia continues to trend downwards. At 5.7% in Q1 2014, Indonesia’s unemployment rate is considerably below the levels observed in 2007 (above 9%). It is also now well below the OECD average of 7.4%.
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The South African labour market continues to perform poorly compared to OECD and other G20 countries, and the global financial crisis appears to have worsened the situation.
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The unemployment rate in Brazil continues its downward trend, despite a slowdown in GDP growth. At 4.9% (for urban areas), Brazil’s unemployment rate is considerably below the OECD average of 7.4%.
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New Zealand was hit hard by the crisis but the economy has gained momentum and the labour market is improving. The employment rate has risen steadily in the past two years and has reached its historical pre-crisis high. Consequently, unemployment has fallen.
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India’s economic growth has slowed since 2010 in the aftermath of the global crisis, but growth is expected to pick up according to the May 2014 projections of the OECD Economic Outlook. The unemployment rate was 3.6% in 2012 in India, lower than in 2006 (4.4%) before the onset of the global financial crisis.
A large and persistent shortfall in the number and quality of the jobs being created in G20 countries is affecting prospects for re-igniting economic growth, according to a report prepared by the ILO, the OECD and the World Bank Group for the G20 Labour and Employment Ministers meeting taking place in Melbourne this week.
OECD unemployment rate nudges up to 7.4% in July 2014
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The number of jobless people in Spain declined significantly in the second quarter of 2014 as strong job creation led to a significant decrease in the country's high unemployment rate. The rate, one of the highest in the OECD, fell to 24.5% from 25.3% in the first quarter. The unemployment rate is still 15.7 percentage points higher than before the crisis and there are still 3.6 million more unemployed.
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Following the onset the global economic and financial crisis, Denmark’s labour market performance has deteriorated significantly both in absolute terms and relative to the OECD average.