Comparative Labor Costs: Gauging Competitiveness in the Global Economy
Labor Costs: A Measure of Price Competitiveness
Unit labor costs (ULCs) serve as a broad indicator of a nation's price competitiveness in the international market. The International Labour Organization (ILO) collects data on labor costs, providing insights into the average employer expenditure per unit of production.
International Unit Labor Cost Comparisons
The OECD has recently updated its reference year for ULC data from 2010 to 2015, enabling comparisons of labor costs across countries over time. ULCs provide valuable information for understanding the relative competitiveness of different economies.
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