Employment Outlook 2014

OECDThe OECD has just published the “Employment Outlook 2014.” According to the study jobs recovery will remain well above its pre-crisis levels next year in most OECD countries, despite modest declines over the rest of 2014 and in 2015.

The Outlook says that jobless rates will decrease slightly over the next 18 months in the OECD area, from 7.4% in mid-2014 to 7.1% at the end of 2015.

The report also analyses the impact of the crisis on wages. It finds that real wage growth has come to a virtual standstill since 2009 and wages actually fell in a number of countries by between 2% and 5% a year on average, including in Greece, Portugal, Ireland and Spain.

This slowdown has been fairly evenly spread across the earnings distribution. However, slower real wage growth, and cuts in wages in some cases, result in real hardship for low-paid workers, the report warns.

The Outlook also includes a new framework for assessing job quality, looking in particular at earning levels and distribution, job security and the quality of the work environment.

The full OECD Employment Outlook 2014report is available for the IESE Community here.