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Spanish Q1 2010 Unemployment Number Accidentally Leaked, Surpasses 20% For First Time Since 1997
A freak leak of the Spanish unemployment number by the National Statistical Institute (INE), the equivalent to the DOL, was captured by Spanish daily ABC.es, according to which for the first time since 1997, the unemployment rate in the country that was notched by S&P today, will surpass 20%. This number was supposed to be under embargo until Friday. According to the temporary leak which was subsequently promptly removed, the number of unemployed in Spain increased from 4.3 million to 4.6 million between the end of 2009 and March 31, 2010. What's worse is that the unemployment among Spain's youth is reaching epidemic proportions: "the unemployment rate for those under 25 years in the first quarter of 2010 was 40.93% and 18.02% in those over 25 years. In the group of 16-19 years, the rate is 59.79% and 13.1% among the unemployed aged 55 and older." Dealing drugs is probably a more lucrative job than working for the government anyway. No taxes either.
More from ABC, translated by Google:
The Labour Force Survey also reveals that the number of employed at the end of the first quarter of this year was 18,394,200 people, representing a decrease of 251.7 thousand compared to those who had at the end of 2009 (18,645,900).
By sectors, only agriculture is an increase in the number of employed persons (52 600) to a total of 835 200. On the contrary, this group fell by industry (81 100) to 2.5998 million, construction (139 700), to 1.663 million, and services (83 600), up 13.2961 million occupied.
If you thought the US labor participation rate was horrible, Spain is a whole new ballgame:
For
its part, the employment rate in this period was 47.84% and the
participation rate has fallen from 59.76% (last quarter of 2009) to
59.83%. EPA data from the first quarter of
2010 make it difficult to achieve the objectives of the Government to
close this year with an average annual rate of 19%. Although the economic vice president, Elena Salgado,
has admitted on occasion that time the unemployment rate could exceed
20%, the fact that this percentage has already been exceeded in the
first quarter greatly complicates the executive's plan Rodríguez
Zapatero.
Something tells us that S&P will not be too happy with this development. But at least they had their say. Now it's time for Moody's to chime in. And speaking of Moody's, just how long do they hope to continue the farce of rating Greece 6 or so notches above S&P and not have Warren Buffet sell all of their stock?
h/t John
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Forget about must see TV! Tyler-Freakin'-Durden is monitoring Spanish unemployment number leaks at 10:20pm on a Wednesday. You, Sir, are going over and above the call of duty. God bless Al Gore for inventing the Internet.
Now, back to my regularly scheduled cocktails and music.
+1
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If God's bank wasn't already running the world, I bet they'd be losing money ever since blocking access to this site.
Lets get those unemployed spaniards in line to contribute megabucks in support of 20 year old retired Greek hairdressers and the 40,000 members of the Greek Air Force on 24x7 permanent beach and ouzo duty.
LOL. Because if we don't laugh, we'll all be crying. ;)
What I find funny is that "20% unemployment" Spain will need to issue more debt to essentially finance their IMF contribution to the Greek Air Force.
Chances are, it will get even more bizarre in the EU.
Let's be honest, with the Greek air force grounded the skies are quite a bit safer over there. And Spanish unemployment of 20% is total BS. It doesn't even count the prostitutes and professional beggars, which makes it a meaningless number.
Tyler & Co are true "rockstars"....:-)
Two days early? Freak leak my a**. This has IMF written all over it: "Dear Ms. Merkel, get your legislators in line already." Or maybe I'm just getting too cynical about all of this.
+1
Didn't Mrs. Merkel stop by in Spain two days ago on her way home?
a leak
its the buzz in the standing room only commodes.
You're not too cynical. Nothing in this sphere happens by accident.
One of the guests on the panel Roubini was on (recent Tyler post) said that a weaker Euro helps EU, so let the bad news roll!
Spain needs to get with the program.
Don't they realize that a government can change the methodology for the calculation or just flat out make shit up so as to hide the ugly truth?
Clearly, they have not been paying attention.
And could well be why it was leaked. So it couldn't be changed.
Or maybe these figures already correspond with the approved methology for the calculation... They might have as well already smoothened the 'ugly truth'
I thought Spain itself was downgraded today, causing further panic. Between the rating agencies, the hedge funds and the speculative derivative traders, will there be any scraps of stray meat left on the sovereign carcasses of the Eurozone? I can hardly wait until the scavenging begins in California, Nevada, Florida, Arizona, Illinois etc... btw, is the national guard really being called out in Chicago to quell the murder frenzy or am I just dreaming about all this?
yes, there have been suggestions to bring the NSG or the Army to quell the madness in Chitown.
http://www.chicagobreakingnews.com/2010/04/state-reps-want-to-fight-violence-with-national-guards-help.html
yawn. http://en.wikipedia.org/wiki/United_States_cities_by_crime_rate
wake me up when the natives are restive. Who Dat.
How can Chicago have so much violence when they have gun control?
CIA airdrops em with the crack shipments.
simple reason why the national guard is coming to chicago........ the vancouver canucks arrive on thursday for their series against the blackhawks.
Ahhh...that explains why the EUR just took off like a rocket...the jobless recovery goes global....?
Ah -- but see, agriculture gained ....... Spain is planting those pot fields so it can compete with the USA -- that low Euro will kill the California market.
LEGALIZE IT
ja mon
serf, did you happen to catch gary johnson (frmr NM guv) on WNYC today? he made a very cogent eloquent rational argument for legalization on air. would love to see him debate prez hope-o-dope on this.
"Spanish unemployment number by the National Statistical Institute (INE), the equivalent to the DOL..."
So... If the INE = US BLS...
INE: Pronounced eye-nee? I know a Spanish girl with a hell of an INE... Anyway...
Then if the INE counted ALL of the Spanish unemployed, the Spanish unemployment rate is really 38% ???
So is 20% the Spanish U3 ??
Just asking...
the participation rate has fallen from 59.76% (last quarter of 2009) to 59.83%
Something got mixed up in the Google translator ether, I'm guessing.
Down: the new up.
SCOOP - BREAKING NEWS
The real reason for Standard & Poor's downgrade of Spain:
"A Danish restaurant which serves dishes such as radishes in edible soil has emerged as the best in the world, knocking Spain’s exclusive El Bulli off the top for the first time in five years and demoting the coveted British eatery The Fat Duck to number three."
"El Bulli’s defeat is another blow for the world’s most exclusive eatery and its trailblazing chef, Ferran Adria, 47, after he announced in January that the venue would close for two years from 2012. He said he decided to shut the restaurant, situated on Spain’s northeastern Catalan coast, for reflection and plans to reopen it in a new format."
Looks like Spain is closing for reflection and will open in two years in a new format.
http://www.timesonline.co.uk/tol/life_and_style/food_and_drink/article71...
Mmm-mmm! Radishes and dirt. Just like Mom used to make
Radishes and dirt... just like my older brother used to make me eat when he shoved me faced down in mom's garden... ahhh, childhood memories...
I remember my mum explaining we were too poor to afford the radishes. Got extra large helpings of everything else though.
The whole concept of a globalized economy was sheer brilliance. Now we all drink from the same poisoned well.
Cheers!
Some Spanish commentary, plus the voice of the working class....
http://barcepundit-english.blogspot.com/2010/04/after-greece-and-portuga...
Something doesn't seem quite right about this concept.....
With all the global econo nonsense, how about nations have a race to full UE. The winner ie; no workers, gets lifetime support from the other nations.
Crack a 40 for the homies in Espana (Chicago).
Harry Wagner asked me again to comment for him tonight. 20% and rising unemployment is bullish and HW said he'll will become maximum bullish once this number hits 100% as it mean everyone's so rich no one needs to work.
Before responding to the virtually ubiquitous ZH poster "HarryWanger", please be aware of just whom and what you are dealing with in this person:
http://www.minyanville.com/businessmarkets/articles/AAPL-apple-gm-psycho...
His real name is James Kostohryz, and he is here posing as a troll in dishonesty and in disregard for the fundamental purposes of this forum. He is NOT posting here in good faith, but is purposely antagonizing those with independent, anti-establishment views and opinions for his own selfish and cynical purposes, as part of a study on "the psychology of permabears".
He believes that anyone who opposes the current widespread fraud, corruption and rampant lies within our societies and governments are "utopian" and unrealistic, pollyannish dreamers.
And for those ZeroHedgers who are advocates of sound money backed by gold, this bankster shill is already out there with one of the most disingenuous, dishonest pieces of pro-establishment propaganda on the topic, expounding on how such financial integrity is "impossible", and merely "the rants of an ideological fringe":
http://finance.yahoo.com/news/The-Gold-Standard-Solid-as-minyanville-285...
Please do NOT respond to this reprehensible troll, here or anywhere else on ZeroHedge. He is NOT here in good faith, and should be shunned!
Shun on.
http://www.youtube.com/watch?v=BMlGpDfyxEA
Permabears of the world unite!
That article actually has a few good points about bear psychology, unfortunately smothered in a disingenuous helping of "it's different this time".
Ironically, the "truly capitalist civilization" he mentions is part of the bears' utopia. Now, if he just wants to come out and say he's bullish on socialist kleptocracy, that's a different story. Oh, wait, that's part of my black and white thinking again. Well, when CONgress votes for TARP after it voted against it, despite 400-1 opposition from its supposed constituency, I'm afraid referring to this as a "truly capitalist civilization" is Polyanna-ism at its whitest.
Let's try an experiment. First, get so drunk that you find yourself losing arguments with inanimate objects. Now tell yourself the following. First, anyone who thinks that there was no need for you to get this drunk in the first place is a Polyanna who doesn't live in the real world. Second, anyone who believes that you're going to wake up in your own vomit with an apocalyptic headache is merely a gloomy Gus who subscribes to the "crime and punishment" model of reality and underestimates the recuperative powers of the human body. Third, if you just resume drinking every time God starts crashing the cymbals together inside your skull again, you can postpone the consequences indefinitely. No, really. I'm serious. Lie under the keg with the bung open so you can keep going even after losing all motor control.
Sure, after a few days the neighbors start to notice the smell and they find that you've drowned, but at least you had a damn good time. Bears never have this much fun.
Thanks for saying that. I have read him many times and I do not believe he supports lies any more than others. And, he is funny, and as far as the direction of the market my hat is off to him.
Oh, and just wait one day like the rest of us he will be wrong.
Brain washed tool of the elite establishment: Kostohryz graduated with honors from both Stanford University and Harvard Law School
we know it is him %100?
Dealing drugs is always lucrative. In fact drugs would have to be one of the most liquid markets of all & with such an awesome government induced margin. Though there has been some deflation in the evil weed market in recent years, due to indoor productivity increases.
How do I know this? Umm....errr....
productivity increases primarily due to synthetic hormone technological advancements, i.e. emasculating america one toke at a time...
M-kat, bitches!
Or is the right way to play this to go long hydroponics equipment manufacturers, head shops and Pizza Hut?
sure always sell drugs for cash
gold . is just as easy .
the gold idiots need a lesson in finding the buyers
as they say in valencia, no pasa nada
GO SPAIN! Those Spanish people actually beat America by the numbers!
Admit it... you got to respect them for it :)
6 in 10 young men and women (16-19 years old)
Idle hands are the devils tools.
Zero future with angry intent - one day they will say
vete a la mierda yo quiero una vida -as they stick a gun to your head and take yours and anything on your body
Yep. I once read an article about Germany in the 20s, which described the students as saying "'Life has misused us! We will hit back at life, wherever we can, at the Jews, the capitalists, whatever target is near at hand. We might do some good and we might not, but at least we'll have the satisfaction of relieving our feelings, and at worst we shall perish out of a world that has nothing to offer us.' These people - the professionals, the craftsmen, the students, it is said, will be the spearhead of the revolution..."
this times its gonna be gypsies (already happening) and the muslims. whast up with the euro's banning burqas when 10 people in each country wear them? no 1st amendment. how about prosecuting honor killings instead? scapegoating is a european past time.
Drugs. Hey the queen gets a cut of that, as well as the banksters. Guess she's/they got us coming and going. I guess that's what you call hedging in real life.
Oh Greece, you have a few hours (or minutes) to breathe a sigh and say you aren't the Eurozone's biggest Spain in the ***....again for the moment. But the markets won't stay closed for much longer.
Banco Santander how can you hide all the garbage? Are you raping Brazil that much?
Hey, we can do this too... let's start broadcasting the US unemployment, without fudging, and leak it early if we can. Why let BLS have all the fun? Use unadjusted numbers. Back out the birth/death b.s. Count everyone not working, not just those who are the "insured" unemployed. I mean, if you stop receiving unemployment benefits but still don't have a job, I believe you're still unemployed, last I checked.
Dang, Spain looks good all of a sudden.
Noone Expects The Spanish Unemployment Number!!
unemployment numbers leaked were less than expected lol
a triumph in double speak.
Unlike the Eastern European or indeed the Irish workforce the Spanish workforce is not mobile , they will remain for the most part in their home country until things get really really bad.
home country? how about home town. they have italian mommas boy disease.
Rusky Squids, Do Not Lie
Where is our fearless leader in all of this? Obama loves the sound of his own voice. Where is his plan for recovery? For that matter, where is his plan for "Sow Chicahga"?
Some names just fit.
A historic look at Greece and Spain, quite common for both countries to default on their debt. History is merely replaying itself. It is part of both countries history and culture. We should expect default, restructuring, inflation.
With deflation, dealing drugs is pure speculation. Ripping off dealers and customers is more lucrative but the squid has the market.
Evidently the Spanish version of the Bureau of Making Shit Up has yet a bit to learn from their American counterparts.
Then again, what is U-6 these days?
Here we are, on the verge of a Eurozone collapse and the market looks ready to ramp a second straight day. Nothing makes sense anymore.
Of course it will ramp up. The only thing driving the market is the ability of banks to continue to rape with impunity the middle/lower classes of the world.
That is continuing apace. Rally on.
"The truth is out there" .... awesome post! Now its off to the cupboard to clean out another tuna fish can and a stop after work to my local Spanish owned bank for another withdrawl! Dang, now where is that treasure map where I have buried all those FRNs in tuna cans? I better transfer them to the Bank of Sealy so I can sleep at night....
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