Country labor markets
Articles in this subject area summarize the current state of specific labor markets. They cover the labor market issues common to all countries but also highlight important developments specific to each country context.
Despite a plummeting working-age population, Japan has sustained its labor force size, thanks mostly to surging employment among womenAs the third largest economy in the world and a precursor of global trends in population aging, Japan’s recent experiences provide important lessons regarding how demographic shifts affect the labor market and individuals’ economic well-being. On the whole, the labor market has shown a remarkable stability during the recent financial crisis, despite decades of economic stagnation and sluggish real wage growth. Rapid population aging, however, has brought substantial changes to individuals in the labor market, most notably among women, by augmenting labor demand in the healthcare services industry.MoreLess
The transformation of a notoriously rigid labor market into a role model of its own style is essentially completeThe EU’s largest economy, Germany, has managed to find an effective and unique combination of flexibility and rigidity in its labor market. Institutions that typically characterize rigid labor markets are effectively balanced by flexibility instruments. Important developments since 2000 include steadily decreasing unemployment rates (since 2005), increasing participation rates, and (since 2011) moderately increasing labor compensation. The German labor market has also been remarkably robust to the impacts of the Great Recession, thus providing a useful case study for other developed countries.MoreLess
Recovery from the Great Recession is essentially complete, but there are difficult unemployment and wage issuesDaniel S. Hamermesh, April 2017As the largest economy in the world, the US labor market is crucial to the economic well-being of citizens worldwide as well as, of course, that of its own citizens. Since 2000 the US labor market has undergone substantial changes, both reflecting the Great Recession, but also resulting from some striking trends. Most interesting have been a remarkable drop in the labor force participation rate, reversing a nearly 50-year trend; the nearly full recovery of unemployment from the depths of the Great Recession; and the little-known continuing growth in post-inflation average earnings.MoreLess