OECD: Employment rising, but still off pre-crisis level

Employment in the countries that make up the OECD rose to 65.1 percent of working-age people in the second quarter, the organisation said Tuesday, higher than in the previous quarter, but short of pre-crisis levels. Among the world's richest economies, the OECD said employment increased in Japan by 0.3 percentage points to 71.5 percent and by 0.1 percentage points in Britain to reach 70.5 percent. The United States remained stable at 67.3 percent. The 17-nation eurozone showed deep divergence, with employment in Germany up 0.2 percent to 73.3 percent, but down 0.5 percent in struggling Italy to 55.5 percent. The overall rate in the currency bloc stood at a slightly higher 63.4 percent. The OECD-wide level for the April-June period was 0.1 percent higher than the previous quarter, but still 1.4 percent lower than the second quarter of 2008, just prior to the fall of Lehman Brothers and the ensuing world recession. The OECD said that employment levels increased for all age groups, though employment for youths, a particularly hard-hit bracket in developed countries, dipped 0.2 percentage points since a year earlier. Boosting jobs is a key priority for world policy-makers as pervasive joblessness not only acerbates social tensions but also cuts consumer demand, which is key to jumpstart growth. In July, the Organisation for Economic Cooperation and Development along with the International Labour Organization urged G20 leaders to work together to boost policies for jobs and the job market.