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Greek Unemployment Soars To New Record, 56.6% Of 15-24 Year Olds Without Job

Tyler Durden's picture




 

Judging by ongoing momentum moves in various European stock and bond market indicators, one could be left with the impression that something in the continent is actually improving. And while hope of improvement is certainly be high, the reality is vastly different as confirmed by the just released Greek unemployment data, which saw the broad unemployment rate soar to a fresh record high of 26.8% in October (24.1% males, 30.4% females - that's nearly one in three), up from a pre-revision 26.0% in September, and up from 19.7% a year ago, the youth (15-24 age group) unemployment rising again to a new all time high of 56.6% (up from 56.4%), and the ratio of those employed (3.68MM) to unemployed (1.34MM) plunging to a record low 2.75x. At this rate it may well hit 1.00x quite soon. But even sooner, perhaps in a few months, the total number of inactive workers (3.34MM) will surpass all those who are working. In short, the Greek collapse is just getting worse and worse.

From the report:

Unemployment rate in October 2012 was 26.8% compared to 19.7% in October 2011 and 26.2% in September 2012.1 The number of employed amounted to 3,680,894 persons. ?he number of unemployed amounted to 1,345,715 while the number of inactive to 3,344,478. The corresponding figures for October 2007 to 2012 are presented in Table 1.

 

The number of employed decreased by 309,335 persons compared with October 2011 (a 7.8% rate of decrease) and by 16,015 persons compared with September 2012 (a 0.4% rate of decrease).

 

Unemployed increased by 368,102 persons (a 37.7% rate of increase) compared with October 2011 and by 36,219 persons compared with September 2012 (a 2.8% rate of increase).

 

Inactive persons –that is, persons that neither worked neither looked for a job– decreased by 23,828 persons (a 0.7% rate of decrease) compared with October 2011 and by 7,478 persons compared with September 2012 (a 0.2% rate of decrease).

 

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Thu, 01/10/2013 - 09:04 | 3140184 AccreditedEYE
AccreditedEYE's picture

Nobody cares that Greece is the Gates of Hell on earth, or how corrupt their government is, or that they are as competitive as a still-born baby. This market has told you 1 thing through it all: It doesn't care about Greece and we should go higher. I'm a buyer.

Thu, 01/10/2013 - 09:26 | 3140229 AU5K
AU5K's picture

I really doubt that most of the unemployed are looking for work.  They should be removed from the unemployment figures.  Apples2Apples comparison to BLS figures?  Greek unemployment is only a little under 10%.  All is good comrades.

 

Thu, 01/10/2013 - 11:03 | 3140489 The Juggernaut
The Juggernaut's picture

If/When the Monetary Revolution happens in these countries do you think USA will try to install brutal merciless dictators..?  Just asking.

Thu, 01/10/2013 - 13:26 | 3141081 Snakeeyes
Snakeeyes's picture

Opa! Your economy is on fire!

The US 20-24 unemployment rate is 13.40%, no party here either.

http://confoundedinterest.wordpress.com/2013/01/10/opa-housing-jobless-c...

Thu, 01/10/2013 - 09:31 | 3140230 Zero_Sum
Zero_Sum's picture

An entire nation, succumbing to their own laziness and sense of entitlement, enticed by false promises of unaccountable politicians and easy money from banks... now they find themselves enslaved by global financiers. The saddest irony is that they don't realize that they have always held the key to their own shackles; but to use it, they'd need to cast off their sense of dependence and reject the illusion of the hand that claims to feed them, instead of kissing it.

Pay attention: this is coming soon to a country near you. People make the mistake of thinking that human progress is linear. We are witnessing the dawn of the next dark age.

Thu, 01/10/2013 - 09:37 | 3140245 sessinpo
sessinpo's picture

Young unemployed are generally being set up to be the next cannon fodder for war.

Thu, 01/10/2013 - 11:10 | 3140511 torabora
torabora's picture

You may not be interested in young people, but war is....

Thu, 01/10/2013 - 10:26 | 3140376 Salah
Salah's picture

Correct you are Zero.  It's heralded by Pluto in Capricorn, Neptune in Pisces, and Uranus in Aries.  The fun for 2013 kicks off April-May, with another planetary line up like September 2008, and boosted by the ever deadly Mars in Taurus.  But first we need a "national security event" similar to the Russians invading Georgia, circa August 2008.

Thu, 01/10/2013 - 13:28 | 3141096 hannah
hannah's picture

"...reject the illusion of the hand that claims to feed them, instead of kissing it."

 

i dont think it is the hand they are kissing....!

Thu, 01/10/2013 - 09:30 | 3140235 Jason T
Jason T's picture

Guns and Gold right?

Thu, 01/10/2013 - 09:37 | 3140248 AccreditedEYE
AccreditedEYE's picture

Those ARE a few of my asset classes. Just BUY something

Thu, 01/10/2013 - 09:37 | 3140246 Karlus
Karlus's picture

Wait, what? I thought Greek crisis was solved!? It's all about teh gunz, amiriteyall?

BTW, anyone short the gun companies? Or is that a bad thing to do?

Note: Before anyone freaks, I would take profits from the short...and buy ammo and gold.

Thu, 01/10/2013 - 09:46 | 3140270 GetZeeGold
GetZeeGold's picture

 

 

Magpul has backorders for over a million magazines......I wouldn't short that.

 

http://cnsnews.com/blog/gregory-gwyn-williams-jr/panic-one-million-ar-15-magazines-backorder

Thu, 01/10/2013 - 13:01 | 3140973 Karlus
Karlus's picture

Is it priced in? Also if 30 round ban, is that bearish? Or do ppl start ordering 10 rd mags?

Thu, 01/10/2013 - 09:46 | 3140269 ball-and-chain
ball-and-chain's picture

That country needs more riots.

Let the tear gas and rubber bullets fly.

I don't believe in gentle Greek.

Greek by its very nature should be rough.

http://www.angrysinner.blogspot.kr/2013/01/yesterday-dragon-lady-served-beef-and_10.html

Thu, 01/10/2013 - 10:18 | 3140355 Stares straight...
Stares straight ahead's picture

Stop posting on ZH as a lame excuse to advertise your weak-ass blog, please. It is is only the nonsensical ravings of a lunatic mind.

http://www.ladyofthecake.com/mel/frank/sounds/ravings.wav

 

 

 

Thu, 01/10/2013 - 09:06 | 3140185 Navymugsy
Navymugsy's picture

Fuck Greece! They're a bunch of pikers. Cyprus will show them how it's done! Give us 6 more months and we'll crush them!

Thu, 01/10/2013 - 09:08 | 3140188 Seasmoke
Seasmoke's picture

They need to hire Hilda Solis.

Thu, 01/10/2013 - 09:16 | 3140196 GetZeeGold
GetZeeGold's picture

 

 

Mitt Romney doesn't have a job.....pretty sure he could fix it. Maybe team up with George Bush and Ron Paul.

 

The three Amigos ride to Euroland.

 

While America basks in our new founded....sure to work this time....socialist agenda.

Thu, 01/10/2013 - 09:18 | 3140203 overmedicatedun...
overmedicatedundersexed's picture

don't worry about poor mitt, he played his part, he is in the club for life, secure, wealthy, and ready to serve the elite reptiles again. our public leaders are so transparent obvious puppets life less and dead eyes ala the o bum a.

Thu, 01/10/2013 - 09:24 | 3140225 MyBrothersKeeper
MyBrothersKeeper's picture

Romney earned his money so I wouldn't put him in the political class.  In fact he took a $1 salary as goveror and did the Oylmpics for free as well.  About half of the people in Congress could afford to do the same but I haven't seen any volunteers

Thu, 01/10/2013 - 09:27 | 3140232 GetZeeGold
GetZeeGold's picture

 

 

He should have just stolen the money.....that's proof right there we can't make that cat play ball.

 

Thu, 01/10/2013 - 09:40 | 3140256 kridkrid
kridkrid's picture

Sociopaths know how non-sociopaths think and use it against them. Mitt's no different than the rest of them. Don't fool yourself.

Thu, 01/10/2013 - 09:42 | 3140258 GetZeeGold
GetZeeGold's picture

 

 

Don't fool yourself.

 

That's easy for a non-sociopath to say.

Thu, 01/10/2013 - 09:23 | 3140220 kliguy38
kliguy38's picture

Just turning up the heat slowly on the frogs......at 56% its getting very close to the boiling point and that age group is going to require lead to contain its rage when the realize that hope is just another empty word

Thu, 01/10/2013 - 09:38 | 3140249 forwardho
forwardho's picture

K-38

to you mean lead, as in guidence?

or lead, as in delivered at high velocity?

Thu, 01/10/2013 - 10:54 | 3140456 knowless
knowless's picture

I'm pretty sure romney got a job with marriott the day after defeat was apparent.

Thu, 01/10/2013 - 10:35 | 3140401 insanelysane
insanelysane's picture

They did hire Hilda Solis and it was her idea to have all of this unemployment because as Hilda and Nancy say, Unemployment provides Jobs.

Thu, 01/10/2013 - 09:09 | 3140190 overmedicatedun...
overmedicatedundersexed's picture

no one works so no one pays, if not for lies of the .gov bis in america, our numbers would be close to greece,,green shoots , half our people in usa get some form of dole, and if you listen to msm and .gov that is a big job creator and the sign of a robust economy..russel 2000 to the moon and beyond.

Thu, 01/10/2013 - 09:22 | 3140205 buzzsaw99
buzzsaw99's picture

young are unemployed and gran's pension is looted. i hope the hangings are televised.

Thu, 01/10/2013 - 10:17 | 3140344 dark pools of soros
dark pools of soros's picture

You really think this pansy generation can tie knots?? The boy scouts kicked out the fags

You'll have to outsource those hangings

Thu, 01/10/2013 - 09:20 | 3140212 MyBrothersKeeper
MyBrothersKeeper's picture

Not. Structured. For. Growth.

Thu, 01/10/2013 - 09:20 | 3140213 Glass Seagull
Glass Seagull's picture

"There's always a rally going on somewhere."
-James Cramer

Thu, 01/10/2013 - 09:44 | 3140264 MillionDollarBoner_
MillionDollarBoner_'s picture

There's always a beating going on somewhere too.

Shame its not James Cramer...;o)

Thu, 01/10/2013 - 09:21 | 3140215 Cult of Criminality
Cult of Criminality's picture

The powers that should not be.. are hiring plenty of 'crisis actors'.

Join the greatest show on earth run by the people who think they are the greatest thing on earth.

Thu, 01/10/2013 - 10:12 | 3140335 Shell Game
Shell Game's picture

+1  TPTshouldnotB.....do I hear circus music?

Thu, 01/10/2013 - 10:41 | 3140416 edifice
edifice's picture

It's the Benny Hill theme.

Thu, 01/10/2013 - 09:21 | 3140216 ziggy59
ziggy59's picture

So, when UE is over 100% in greece it becomes positive..Bizarro World indeed!

Thu, 01/10/2013 - 09:28 | 3140233 PaperBear
PaperBear's picture

Oh yeah, the euro currency is working just fine for the Greeks, NOT.

Thu, 01/10/2013 - 09:43 | 3140260 MillionDollarBoner_
MillionDollarBoner_'s picture

The Euro is working out juuust fine for Greece.

For Germany...not so much...

And on the subject of currency - is your avatar a Cannuck? Check out Aussie and Chinese bullion, dude...much easier on the eye ;o)

Thu, 01/10/2013 - 09:31 | 3140236 MillionDollarBoner_
MillionDollarBoner_'s picture

I call bullshit!!!

"Unemployed" simply means they are claiming unemployment benefits. This has NO relation to what they do with their days.

Many Greek "unemployed" live in the countryside and spend their days as they and their ancestors always have - tending the crops, looking after the house and especially the children.

Their view is this - "if some stuffed shirt wants to throw money at us, we won't object. However if they want to take our wealth from us, let them find it first and we will not help them in their search." Claiming unemployment benefits is just one way to "prove" that you have no wealth and/or income. That and bribing the local officials to turn a blind eye. The bribe is a courtesy - you never cross your neighbours in such a situation and, anyway, he/she is probably your cousin...

Never Forget - these guys had a fully functioning civilisation back when we in Northern Europe and the New World were running around in furs and tattoos, chucking spears at one another ;o)

Thu, 01/10/2013 - 10:40 | 3140413 Winston Churchill
Winston Churchill's picture

Spot on.

Spent six months in Athens.Very few worked but most had jobs.

UE is just the new job, as the sham employment has gone.

Greece has been going through this kind of turmoil for hundreds of years.

The only difference is that now the world knows about it..

Thu, 01/10/2013 - 10:42 | 3140422 Canucklehead
Canucklehead's picture

The nice thing about the black market is you can claim unemployment insurance.  The nice thing about alternate currencies is the lack of a tax regime.

No records are kept.

http://www.thedailybell.com/28549/Barter-and-Alternative-Currencies-Growing-in-Greece

Thu, 01/10/2013 - 09:31 | 3140238 forwardho
forwardho's picture

?he number of unemployed amounted to 1,345,715 while the number of inactive to 3,344,478.

For a total net negative (takers) of 5,026,609

3,680,894 support 5,026,609.

Having trouble with appropriate equation.

Thu, 01/10/2013 - 09:56 | 3140292 Campagnolo
Campagnolo's picture

56.6% unemployment?, damn it's getting close to Detroit's

Thu, 01/10/2013 - 09:58 | 3140299 orangegeek
orangegeek's picture

And three of five Euro indexes are up this morning. 

 

Another bullish event.  Fire everyone you can under the age of 25 and watch your investments grow!!!

Thu, 01/10/2013 - 10:10 | 3140333 linrom
linrom's picture

This is a 'extremely' misleading statistic. What we need to know is the unemployment rate of those 22-30 year olds--not teens in school, or preschool toddlers.

Thu, 01/10/2013 - 10:15 | 3140345 BlackVoid
BlackVoid's picture

And still they cannot overthrow their goverment.

Pathetic.

Thu, 01/10/2013 - 10:33 | 3140392 Sandmann
Sandmann's picture

How do they overthrow Goldman Sachs ? Athens is simply a branch office

Thu, 01/10/2013 - 10:31 | 3140388 yogibear
yogibear's picture

Go long gasoline, bottles and rags.

Thu, 01/10/2013 - 10:32 | 3140390 Sandmann
Sandmann's picture

This is an understatement. 90,000 soldiers with 30,000 conscripts is another form of hidden unemployment plus 150,000 reserves. At some stage these too will decide which side of the fence they want to stand.

Thu, 01/10/2013 - 11:22 | 3140441 AgAu_man
AgAu_man's picture

Dear Greeks:

Where are Alexander, Achilles and Ulysses when you need them?  Or Plato and Socrates?

No new heroes, inspired by the old, or motivated by the mess they are in?  Has that witch Goldman Circe (that Ulysses used to bone) turned you into sheep? 

Do you not have any real men (thinkerer-warrior) left?  If only you had 'A Few Good Men'.  Say, 300.

Thu, 01/10/2013 - 14:00 | 3141219 BooMushroom
BooMushroom's picture

I wonder if they teach Achilles, Ulysses and Alexander as well in Greece as we teach Boone, Washington, and Bradford here?

Thu, 01/10/2013 - 12:20 | 3140795 Yellowhoard
Yellowhoard's picture

This can't be true.

Goldmans outlook paper for clients just stated that Europe is on the right track.

Thu, 01/10/2013 - 22:16 | 3143170 Notarocketscientist
Notarocketscientist's picture

Barroso said the crisis in Europe was over - I believe him

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