• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Charts Of The Day: Greek Unemployment Hits Escape Velocity

Tyler Durden's picture


It took one month for the 2013-2014 Greek medium-term unemployment target rate to be hit. The target rate? A grotesque, all time high 26%. Because as Elstat reports, this is what Greek unemployment already was in the month of September. Which means that at the time Greece was preparing its latest "Third Greek Bailout" projections in November, the rate was already well above the long-term target. Elstat also tells us that in September, the total number of actively employed Greek workers (including government) was a tiny 3,695,053. The number of persons unemployed: 1,295,203, while the inactive ranks swelled to 3,373,692. As a reminder, last month's 25.4% unemployment rate has been promptly surpassed in a few weeks. Finally, that powderkeg of conflict, youth unemployment, was a jawdropping 56.4%.

So without further ado, here are the charts that summarize this.

Total workers employed:

Total workers unemployed:

And the unemployment rate:

And yes, by returning to the Drachma, Greece would at least have some chance of curing the unfixable internal and external imbalances, which unless resolved, will send this rate into the stratosphere, and a far bigger chart will soon be needed.

Source: ElStat

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Thu, 12/06/2012 - 09:11 | 3038792 TahoeBilly2012
TahoeBilly2012's picture

People need to stop complaining and be thankful the Goldman Cartel gives them a nickle. Lick my boots El Greco!

Thu, 12/06/2012 - 09:24 | 3038830 LongSoupLine
LongSoupLine's picture

and all of that happened in a 1 block radius of Corzine's house...

Thu, 12/06/2012 - 09:26 | 3038840 GetZeeGold
GetZeeGold's picture



In his defense....Eric Holder also lives close by.

Thu, 12/06/2012 - 09:28 | 3038848 LongSoupLine
LongSoupLine's picture

+1 (a Holder trumps a Corzine)

Thu, 12/06/2012 - 10:12 | 3038993 waviator
waviator's picture

"A Holder trumps a Corzine"

Actually, you can't have one without the other. Look under "synergy"

Thu, 12/06/2012 - 11:30 | 3039296 Jack Kreuz
Jack Kreuz's picture

more like symbiotic parasites

Thu, 12/06/2012 - 10:27 | 3039035 TahoeBilly2012
TahoeBilly2012's picture

They all live in the same two towns, the bastards...

Thu, 12/06/2012 - 10:47 | 3039086 indygo55
indygo55's picture

Gonna make it easy to round 'em up.

Thu, 12/06/2012 - 09:29 | 3038850 Schmuck Raker
Schmuck Raker's picture

I have a mental picture of a crown of thorns on a milk carton, now. LOL

Thu, 12/06/2012 - 10:11 | 3038986 Snidley Whipsnae
Snidley Whipsnae's picture

Maybe part of the unemployment 'picture' in Greece is caused by Greeks saying FU to their gov/the bondholders/foreign banks/the EU/ et al... A general workers strike?

Thu, 12/06/2012 - 10:45 | 3039080 j0nx
j0nx's picture

The Greeks are the guy in the Mitt Romney style video who get to wipe Mitt's ass as he raps on the toilet.

Thu, 12/06/2012 - 09:13 | 3038794 dcj98gst
dcj98gst's picture

Guesses on the unemployment initial claims?  I say 405k


Thu, 12/06/2012 - 09:44 | 3038899 economics9698
economics9698's picture

390 then revised.

Thu, 12/06/2012 - 09:48 | 3038916 Ookspay
Ookspay's picture

Ah yes, the revision... Mom's on the roof!

Thu, 12/06/2012 - 14:25 | 3039833 MisterMousePotato
MisterMousePotato's picture

Haven't thought about that joke in a long time. Thanks for the chuckle.

Thu, 12/06/2012 - 17:36 | 3040592 Ookspay
Ookspay's picture

Nice catch. Always break bad news slowly, softens the blow...

Thu, 12/06/2012 - 11:11 | 3038905 Ookspay
Ookspay's picture

Not a bad guess, maybe a little high. Christmas help and government hiring may keep it lower. But starting in January we could see a million per month for a while. I definitely will be laying off workers in January as my taxes go up. My decision on whom to fire will be based upon the bumper stickers that I saw in November, elections do matter.

Thu, 12/06/2012 - 11:18 | 3039238 Zap Powerz
Zap Powerz's picture

Sadly, I may be making similar decisions in January.

Thu, 12/06/2012 - 14:21 | 3039793 Hacked Economy
Hacked Economy's picture

@Ookspay, I hear you. As a manager, I recently lost my own assistant due to changes in his personal family life.  In addition, I already had to downsize my department and permanently eliminate another position entirely. I'm able to temporarily handle the workload for the short term, but if our taxes go up substantially in January, I might have to go one step further and hire a new assistant on only a part-time basis instead of the usual full-time (read that to mean less than 30 hours so that the company doesn't have to pay benefits).  Definitely not something I want to do, but I'm being painted into a corner by the theatrical posturing in D.C.  I only have so much money in my department budget at my disposal.

Anyone remember the "Luxury Tax" fiasco from the Dems back in 1991?  The sharp rise in taxes (aimed at the wealthier demographic, but a rise nevertheless) resulted in an immediate REDUCTION in overall tax revenues, and killed an estimated 150,000 jobs in the marine industry until the tax was repealed in 1996.  And here we are again, watching the circus from the sidelines as the D and R clowns play word games over how much they want to slap down American taxpayers.  Politicians never learn...

...or should it be "we never learn", as we keep voting these clowns (or their similar ilk) back into office?  (Sigh)

Thu, 12/06/2012 - 17:27 | 3040573 Ookspay
Ookspay's picture

Your story and mine are all too numerous. My company just recieved a notice that under obamacare we will now be charged a .6 percent fee on the gross amount we pay in insurance that goes to obamacare. Death by a thousand cuts is coming, and I think it is obama's plan all along. Collapse the system and then rebuild it in a progressive utopia. NDAA will be utilized heavily to achieve this goal.

Thu, 12/06/2012 - 09:13 | 3038798 Navymugsy
Navymugsy's picture

They won't leave the Euro unless they're kicked out. Cyprus is next right after their Greek cousins. Great move buying all of those Greek bonds. The gifts that keep on giving!

Thu, 12/06/2012 - 09:45 | 3038903 economics9698
economics9698's picture

GS is long. /sarc

Thu, 12/06/2012 - 09:13 | 3038799 tuttisaluti
tuttisaluti's picture

Do they not know how to maipulate statistics.

Thu, 12/06/2012 - 09:19 | 3038816 Bag Of Meat
Bag Of Meat's picture

This chart is the product of already manipulated statistics..

Thu, 12/06/2012 - 09:22 | 3038823 GetZeeGold
GetZeeGold's picture



Count your blessings it could be worse.....and probably is.

Thu, 12/06/2012 - 11:02 | 3039164 ParkAveFlasher
ParkAveFlasher's picture

The really important revisions happen 15 years into the future.

Thu, 12/06/2012 - 21:54 | 3041346 mjcOH1
mjcOH1's picture

"Do they not know how to maipulate statistics."

The pattern is:

- unemployment gets manipulated higher (to forestall austerity)
- revenue gets manipulated higher (to convince the troika some portion of the bailout is recoverable)

By next December they should be at 110% unemployment with revenue at 110% of target, regardless of the target.

Thu, 12/06/2012 - 10:05 | 3038959 darteaus
darteaus's picture

There are many other broke countries in the EU, and the Greeks are getting the bulk of the bailout money, so, the answer to you question is: YES!

Thu, 12/06/2012 - 10:07 | 3038973 John Bigboote
John Bigboote's picture

Exactly. Greece needs a BLS to hide this shit! What a bunch of amatuers.

Thu, 12/06/2012 - 09:14 | 3038800 hugovanderbubble
hugovanderbubble's picture

And Spanish unemployment? Reverse Baumgartnering


Hidden Economy collapsing the last savings we have...


Next France...to crash



Thu, 12/06/2012 - 09:27 | 3038843 EscapeKey
EscapeKey's picture

The entire world is in a state of default, it just doesn't know it yet.

Make good on your debt promises by printing = implicit default.

Thu, 12/06/2012 - 10:56 | 3039148 Vince Clortho
Vince Clortho's picture

Exactly right.

The Default Bust began years ago, and is intensifying.

As the remnants of the sovereign economies circle the drain, the CPs have no choice but to print their balls off.


Thu, 12/06/2012 - 09:14 | 3038801 LawsofPhysics
LawsofPhysics's picture

Garbage.  The black markets are doing fine.  Lots of people working outside the eye of a corrupt fascist system.  Good for them.

Thu, 12/06/2012 - 09:15 | 3038802 pods
pods's picture

Unemployment is a huge threat to the banking cartel.  Nothing worse than people with a lot of time on their hands.

Maybe Greece should hike the booze tax and really get the ball rolling?  Cutt off cable TV?


Thu, 12/06/2012 - 09:21 | 3038819 LawsofPhysics
LawsofPhysics's picture

Yes please, hike the booze taxes, the homebrewers, moonshiners and bootleggers in the real "free market" are looking forward to it.

Thu, 12/06/2012 - 09:15 | 3038803 Kina
Kina's picture

No exit - see unemployment go much higher, though officially ....

Thu, 12/06/2012 - 09:36 | 3038876 Element
Element's picture

At least they got the bailout  ... all good now.

Thu, 12/06/2012 - 09:15 | 3038804 hugovanderbubble
hugovanderbubble's picture

whole hedge fund industry has to be short selling FRENCH EQUITIES


And selling 2, 5 and 10yrs French Bonds






Thu, 12/06/2012 - 09:46 | 3038911 economics9698
economics9698's picture


Thu, 12/06/2012 - 09:15 | 3038806 Sheeple Shepard
Sheeple Shepard's picture

Gotta get up to get down.

Thu, 12/06/2012 - 09:16 | 3038812 Bag Of Meat
Bag Of Meat's picture

Drachma will solve nothing. Wtf zerohedge? Potatoes aint gonna grow if they throw drachmas to the ground. Greece needs to swift from crony capitalism to democracy, and to swift its economy to producing more goods that can be exported. This means that a whole generation of people in their 30s-40s are going to be unemployed.. This is the truth.

Thu, 12/06/2012 - 09:23 | 3038828 azzhatter
azzhatter's picture

Export to whom? Not like there is some huge unfulfilled demand out there

Thu, 12/06/2012 - 09:32 | 3038859 Terminus C
Terminus C's picture

yea but, the world would be rich if everyone just exported more than they import.  Why don't people get with the program?

Thu, 12/06/2012 - 09:34 | 3038870 LawsofPhysics
LawsofPhysics's picture

You'd think that people have actually figured out that the potato they grew themselves is actually worth more to them then the bullshit paper promise they will get in exchange?   "Shocker".

Thu, 12/06/2012 - 10:04 | 3038966 darteaus
darteaus's picture

Dude, farming sucks.  Give me an office cube and Zynga - anytime.

Thu, 12/06/2012 - 10:15 | 3039001 LawsofPhysics
LawsofPhysics's picture

Any real work sucks to some extent, what's your point?

Thu, 12/06/2012 - 10:58 | 3039152 merizobeach
merizobeach's picture

"Give me an office cube and Zynga - anytime."

You can give me whatever you want after you put a bullet in my head.  Til then, no fucking offices for me.

I'll harvest my avocados, dragon fruit, chili peppers, and everything else with the sun on my face.  :-)

Thu, 12/06/2012 - 11:08 | 3039203 darteaus
darteaus's picture

It is my sad duty to report that one now needs a "/s" flag due to an apparent and sudden increase in low IQ ZH "contributors".

Do NOT follow this link or you will be banned from the site!