Global labour markets are beginning to soften but remain more resilient than expected. Job demand has softened for several advanced economies, including Canada, the UK and the United States, with vacancy growth slowing in recent months. Despite this, unemployment rates across OECD countries remain near historic lows.
Younger workers continue to face labour market challenges compared to other age groups. Youth unemployment remains elevated in parts of Europe, highlighting that labour market effects are not even across the workforce.
Wage recovery remains uneven for many advanced economies. While real wages have started to recover in several OECD countries, growth remains slower in Australia and New Zealand.
For more insights, read the full report.
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