Employment Conditions in the OECD
Unemployment rates fell and employment rose in most nations of the Organisation for Economic Co-operation and Development (OECD) from 1997 to 2001. For countries like Australia and the U.K., the drop in unemployment was spectacular and persistent, thanks to sustained growth and the structural reforms of the 1980s. Then, from 2001 to 2003, unemployment rates steadily rose from 8.0% to 9.1% in the euro zone and from 4.8% to 6.0% in the U.S. In Japan, unemployment trended up from 2.3% in 1993 to more than 5.0% in 2002–03; however, in the second half of 2003, it dropped back from 5.4% to 5.0% as the country’s growth gathered momentum.
Suggested citation: "Employment Conditions in the OECD." Federal Reserve Bank of Cleveland, Economic Trends, no. 04-05, p. 13, 05.01.2004.