The Euro zone announced yesterday that unemployment was at 11.6%. Here is a breakdown by country for Greece, Portugal, Spain, Italy, France, Ireland, Germany, Austria, Netherlands, Luxembourg.

Note the fearsome foursome: Spain (25%), Greece (20%), Portugal (16%), Ireland (15%):

 

click for ginormous chart

Source: Global Financial Data

 

Thanks, Ralph !
Ralph Dillon rdillon@globalfinancialdata.com

Category: Data Analysis, Digital Media, Employment

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

8 Responses to “Eurozone Unemployment Rates (EU = 11.6%)”

  1. Born Again says:

    Eurostat has Greek at 25% unemployment. At the current rate, by 2023 everyone in Greece will be unemployed, but we know that cannot and will not happen. The structural unemployment in Spain looks Bad – that real-estate bubble they had is causing a lot of deflation. Makes me wonder if Rajoy is holding out for a Greek default.

    http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&language=en&pcode=teilm020&tableSelection=1&plugin=1

  2. AHodge says:

    agree greek unemployment is 25%
    QUOTE LA times this AM for example
    By contrast, Spain and Greece are struggling with almost unimaginably high jobless rates of about 25%

    Europes hair is on fire— southern europe heading for depression
    but is just starting to show-in the aggregate EU data and Europe watchers watch individual country data less
    IMF and other forecasts are still showing no decline next year?
    this is delusional–

    credit supply is largly shut down
    european companies are going to US and other banks
    nobody in europe will lend to them

  3. ancientone says:

    Well, this certainly proves that austerity makes economies grow—-oh wait, that’s unemployment, not GDP growth? Never mind.

  4. SecondLook says:

    One quick observation: Members of the EU (and Canada) use a slightly different methodology. Without going into details, it has to do with the criteria of being unemployed and actively looking for work. If the US used their calculations, our U-3 number would roughly be a percent higher – 8.8% rather 7.8%.

    Also, in the case of Greece, Italy, and Spain, the percentage of their shadow economy – the unreported side of GDP – is very high, about 25%-30% of their total economy (as opposed to about 5-8% in the US). That causes the numbers to look far worse, in terms of real income and employment, than they really are. Not to say that their situations aren’t bad, just not quite as bad as it seems.

  5. Mr Reality says:

    In case there is someone foolish enough to state that the unemployed in Europe (as least Northern Europe) have it worse than folks in the States, I like to remind them that Europeans have this thing called a social safety net where as we here in the United States have a rug that is constantly being pulled out from under us.

  6. beaufou says:

    Unemployment numbers in the western world will only get worse in the future, not just because “job creators” are full of it but because globalization cannot work with such a gap in workforce salaries.
    The current system only profits huge corporate entities and speculation.

    “rational protectionism between countries with very different living standards is not only justified but absolutely necessary”
    http://www.telegraph.co.uk/news/obituaries/finance-obituaries/8056996/Maurice-Allais.html

    PS: Living on eastern Long Island, I want to thank people who restored my power today (some are probably union and some probably don’t pay income tax :) damn moochers) .

  7. lalaland says:

    What the heck was going on with Austria until 1993? Giant christmas tree sale seasonal employment swings?

  8. SecondLook says:

    Very long term trends in employment is difficult to forecast, due to multiple variables in the equation.

    One example: A country that is experiencing net population decline should need fewer workers, a rough balance between supply and demand, i.e. the long term unemployment rate would remain the same. However, with the population aging, the pool of workers relative to the total population declines, increasing demand, and therefore lowering the unemployment rate. Then, add in that the country is a major exporter, so that the population loss doesn’t cause the GDP to decline, but rather continue to increase at some rate, and the domestic unemployment rate should further to decline. The country I’m using as an example is Germany; which should see much lower unemployment rates over the next 3 decades. In fact, labor shortages could occur, leading to allowing more immigration (a complex and emotionally charged topic there as well as here).