The global labor market appears to be stalling, new figures from the Organization for Economic Co-operation and Development (OECD) have revealed.

Although growth remains strong in the majority of emerging nations, it appears to be struggling in some of the more established countries.

In all members of the G7, excluding Japan, economic development will stay at an annualised rate of less than one percent for the remainder of 2011.

Furthermore, initial labor market improvements are beginning to falter and fewer enterprises are taking on additional workers, thus leading to concerns over unemployment figures.

OECD chief economist Pier Carlo Padoan said: "Growth is turning out to be much slower than we thought three months ago and the risk of hitting patches of negative growth going forward has gone up."

Last month, OECD secretary-general Angel Gurria said economic worries have reached "new heights" and debts in both the public and private sectors are preventing greater investment.

Posted by Lee Thrace