Across the rich world, an extraordinary jobs boom is under way

The unemployment rate—the number of people looking for work as a share of the total labour force—is at its lowest in decades (see chart 1). Over the past two decades the share of workers who have been in their job for less than a year has hovered around 20%, with no clear trend up or down. You would hardly know that the Spanish city’s average unemployment rate over the past five years has been close to 30%.

Source: www.economist.com