The Organization for Economic Cooperation and Development (OECD) revealed that the employment rate, which is the percentage share of the working-age population in employment, including both employed and self-employed, increased to 68.7% in the fourth quarter of 2021, from 68.2% in the third quarter, that is, only 0.2 percentage points below the rate registered in the fourth quarter of 2019.
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The OECD labor force participation rate, the proportion of the population of working age who is employed or unemployed, increased slightly to 72.8%, again approaching the level recorded in the fourth quarter of 2019, as increases in employment were reflected in corresponding decreases in unemployment.
These latest figures exclude any potential impact of current economic and geopolitical uncertainties on the labor market within the group, they note.
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Increases in the employment rate were reported in four-fifths of OECD countries. The largest increases (above 1.0 percentage points) were seen in Chile, Iceland, Israel and Turkey, with declines recorded only in B.elgic, Colombia, Latvia, Luxembourg and Slovenia.
Likewise, the employment rate increased by 0.4 percentage points, to 68.8%, in the euro area.
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