Employment now better than in 2008 thanks to services

Employment in OECD countries has finally caught up and passed 2008 pre-crisis figures with 67.6% of the working-age population now with jobs, according to the latest OECD employment numbers. 

Along with the recent interim forecast of 2.1% GDP growth in the OECD area, this builds cautious optimism that the Great Recession is finally over: the 67.6% employment figure tops the previous employment high in 2008 by a clear percentage point. Greece, Portugal, Spain and Slovenia recorded the highest quarterly increase with the UK, Japan, US and Korea close behind. Jobs growth is almost entirely in services, which accounts for 73.3% of OECD employment. However, the number of jobs in agriculture and industry was still lower than pre-crisis levels. The decline in the share of employment in industry was especially pronounced in Greece, Portugal, Italy and Spain at four percentage points below the previous high in the second quarter of 2008.

References and links

www.oecd.org/newsroom/employment-situation-second-quarter-2017-oecd.htm

And visit www.oecd.org/employment/ 

©OECD Observer October 2017




Economic data

GDP growth: +0.5% Q2 2019 year-on-year
Consumer price inflation: 1.6% September 2019 annual
Trade: -1.9% exp, -0.9% imp, Q2 2019
Unemployment: 5.2% September 2019
Last update: 18 November 2019

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