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OECD Employment Outlook 2012

image of OECD Employment Outlook 2012

This 30th edition of the OECD Employment Outlook examines recent labour market trends and short-term prospects in OECD countries. It finds that the recovery from the recent economic and financial crisis has been slow and uneven. Unemployment remains unacceptably high in many countries and long-term unemployment has risen, increasing the risk of higher unemployment becoming entrenched. An analysis of how labour markets weather economic shocks shows that policies to lower structural unemployment also help to dampen the adverse effects of economic downturns on unemployment, earnings losses and earnings inequality. The report documents the decline in the labour share of national income that has been occurring in many OECD countries, primarily as a result of globalisation and technological change. Enhanced investment in education and better targeted tax and transfer programmes can help to ensure that the fruits of economic growth are more broadly shared. Finally, the impact of climate-change mitigation policies on the labour market is examined. Some sectors could experience large employment changes even if the impact on the overall level of employment may only be small. As for other structural shocks, policies should be put in place to facilitate labour market mobility.

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Minimum wages, employment protection and the labour share

Estimated percentage impact on the labour share of the average industry of an increase of selected policy indicators by one standard deviation, cumulated effect over the subsequent ten years

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