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

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
TahoeBilly2012's picture

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

LongSoupLine's picture

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

GetZeeGold's picture



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

LongSoupLine's picture

+1 (a Holder trumps a Corzine)

waviator's picture

"A Holder trumps a Corzine"

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

TahoeBilly2012's picture

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

indygo55's picture

Gonna make it easy to round 'em up.

Schmuck Raker's picture

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

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?

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.

dcj98gst's picture

Guesses on the unemployment initial claims?  I say 405k


Ookspay's picture

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

MisterMousePotato's picture

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

Ookspay's picture

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

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.

Zap Powerz's picture

Sadly, I may be making similar decisions in January.

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)

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.

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!

tuttisaluti's picture

Do they not know how to maipulate statistics.

Bag Of Meat's picture

This chart is the product of already manipulated statistics..

GetZeeGold's picture



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

ParkAveFlasher's picture

The really important revisions happen 15 years into the future.

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.

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!

John Bigboote's picture

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

hugovanderbubble's picture

And Spanish unemployment? Reverse Baumgartnering


Hidden Economy collapsing the last savings we have...


Next crash



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.

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.


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.

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?


LawsofPhysics's picture

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

Kina's picture

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

Element's picture

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

hugovanderbubble's picture

whole hedge fund industry has to be short selling FRENCH EQUITIES


And selling 2, 5 and 10yrs French Bonds






Sheeple Shepard's picture

Gotta get up to get down.

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.

azzhatter's picture

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

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?

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".

darteaus's picture

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

LawsofPhysics's picture

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

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.  :-)

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".