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Employment continues to grow despite GDP slowdown
THE LABOUR MARKET HAS RECOVERED TO PRE-COVID-19 PANDEMIC LEVELS, BUT PROSPECTS ARE HIGHLY UNCERTAIN AMID WAR CLOUDS IN UKRAINE
Uneven GDP recovery among OECD countries
OECD employment returned to pre-crisis levels by the end of 2021, and continued to grow in the first half of 2022
Low-pay industries are lagging behindin the recovery
Gradual correction of unemployment rate
Loss of household purchasing power
DESPITE SUSTAINED EMPLOYMENT GROWTH AND WIDESPREAD LABOUR SHORTAGES, REAL HOUSEHOLD DISPOSABLE INCOME HAS BEEN DECLINING SINCE Q421. NOMINAL WAGE GROWTH IS NOT KEEPING PACE WITH INFLATION
Real wages will fall by 0.6% y-o-y in the US in 2022, 3.9 pp less than in Spain
High inflation is eroding the real value of the legal minimum wage