European Employment Drops To 2006 Levels

Tyler Durden's picture

If anyone is confused why European stocks just hit their highest levels in nearly 5 years (if not all time highs - there America with its 48 million foodstamp recipients has it beat), the chart below should provide some lack of color. According to Eurostat, in Q4 the number of persons employed in Europe compared to Q4 declined by 0.3% in the Euroarea, and 0.2% in the Eu27. The decline was -0.8% and -0.4% for the EA17 and EU27 compared to a year ago. Of course, if the Fed and ECB keeps pushing stocks higher, monetary illogic dictates that eventually this number will rise because somehow having more diluted claims on money floating around is good for jobs. Just not yet.

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Josephine29's picture

Even worse than that is the numbers for Greece. Who would want to be a young woman there?

Simply horrible numbers with a fast rate of climb that speaks for itself. Sadly as we look into the detail we see even more troubling figures.

"the highest unemployment rate is recorded among young people in the age group of 15-24 years (57.8%). For young females, the unemployment rate is 65.0%.

Remember European Commission President Barroso and" his interest in young people? It looks hollow and shallow now.

No doubt this is another sign that everything is "on track!"


GetZeeGold's picture



Huge opportunities in the fire fighting and riot police fields.


BYOD.....bring your own dog.

ihedgemyhedges's picture

Do I sense an influx of young Greek women to the US to serve the Eliot Spitzer type?????

Popo's picture

God let's hope not.  I prefer a far more discounted price range.  

TBT or not TBT's picture

The oldest profession has lots of openings.

Nussi34's picture

>>>For young females, the unemployment rate is 65.0%.

Just like the Eurocrats want it to be! Perfect environment for cheap & young hookers!!!

MoneyChasingReturns's picture

John Galt has been busy... The productive People fled Europe as the taxes rose and the Looters are now begging for work.

Europe is a great place to live 3-6 months a year each summer then go to Asia/Latin America to run my business interests the remaining 6-9 months.

Strikers are doing very well we have freedom to travel and create in economies that have economically supportive governments.

MoneyChasingReturns's picture

Funny there are not any unemployed people in Europe with useful up to date job skills. Try finding an unemployed Hadoop Programmer or SAP Architect anywhere. For that matter try finding an Employed Tyre Manufacturing worker in France.

Id fight Gandhi's picture

Employment is such old normal as is fundamentals. New normal gets central bank infusions which will last forever.

doomandbloom's picture

Increase in Technology.....corresponding loss in jobs.

MoneyChasingReturns's picture

Incorrect: Increase in Technology .... Corresponding shortage of highly paid skilled workers, higher profits and efficiencies and an oversupply of less skilled workers.

q99x2's picture

I swear the elite must be retarded.

Mr. Magoo's picture

Unfortunately they know exactly what they are doing

BandGap's picture

I like Farange bitching yesterday about the Romanians or Bulgarians squatting in other Eurolands just to steal and/or get benefits. When they start bitching about people fighting over the scraps the end is near.

There will be more employment after the reset, who is going to light the fuse? Another "tinder box" in Europe?

Ghordius's picture

Farage, not Farange. the context of his rant is that according to the EU treaties Romanians and Bulgarians will be allowed to enter the UK starting from 2014 as EU citizens - equal before the law to British citizens (and so to various insurance schemes)

the UK is the target destination of millions of peple looking for a better future - also thanks to it's imperial past that bestowed English as a first or second language to billions

so in this light it's understandable that conservatives on Dear Old Blighty are fretting a bit

BandGap's picture

It's people, not peple. And it's proper to capitalize the letter following punctuation, that is, when you use punctuation.

I was not aware of this situation, there is enough bullshit going on here in the states. But I am wondering who the fuck would vote to give Romanians and Bulgarians these types of rights? On the surface that's crazy shit. Fretting? After what I read this morning concerning the employment climate in Britain, they should be screaming bloody murder.

Ghordius's picture

well, you know, there was this sudden implosion of the Soviet Empire, and Uncle Sam pushed hard to extend NATO right up the borders of Russia

as a flanking manouver and as a carrot to our eastern european brethen nations the same Uncle Sam started promising EU entry to everybody, including -gasp!- Turkey

we the europeans were quite upset about this, but again, Uncle Sam was pulling all levers and leaning hard to catch "the historic moment", while Germany wanted ReUnification and France and Italy wanted a common currency, so deals were made

and so the european family of nations grew, and as a consequence we are embarked on equality versus Bulgarians and Romanians, among others

note that the UK's governernment pushed hard, too, but now the island is afraid of the consequences, and so Farage is painting a picture of hordes of barbarians squatting in the eurozone and waiting for the gates of Albion to open

in my opinion the UK should just leave the EU, but it's government wants to have a "Transatlantic Trade Zone" - a kind of economic NATO, first, and then leave this club and laugh itself silly about how they pulled another fast one on the continent

BandGap's picture

I don't think Farage is too far off in thinking the masses will find the place where the money is easiest. Human nature doesn't end at a border or shore.

Here in the states we have an administration running TV commercials in Mexico on how to get on food stamps once your illegally cross the border. The crazy shit has to end soon.

WillyGroper's picture

>>>>>>Here in the states we have an administration running TV commercials in Mexico on how to get on food stamps once your illegally cross the border.

Since you're the spelling police, and english is more than likely your only language, turn about is fair play.

"It's once YOU illegally cross the border". 

TBT or not TBT's picture

It takes a pedant to know one. No, wait, it doesnt. You're ok WillyGroper, even if you take after bill Clinton in real life.

RazvanM's picture

This Farange guy may be right when barking at bankers and at the commisars from EU. But when talking about 30 million Romanians and Bulgarians coming into UK the press is full of shit.

Romania has a total population of less than 20 millions. Most of the working people wanting to work in UK are already there - maybe some hundred thousands. The unemployment in Romania is about 7%, while the unemployment in Bucharest, the capital city, is less than 3%.

Bulgaria has a total population of 7 millions. The people that wanted to go to UK are already there....

Regarding the people cheating the welfare system, well, it's stupid to give away money to fraudsters that don't intend to work. I highly doubt that these fraudsters are in majority Romanians or Bulgarians or French or Polish or Spanish. Most of them are of British nationality. The welfare system should be corrected and the fraudsters punished.


Now, it's very bad that we, the people, were looted by the banking system - but it's even worst that the same assholes now make us all pay for their bankruptcy and make us fight each other to keep us distracted from the real enemy. There should be only one target to our wrath - the bankers and their cocksuckers in this rotten system.

aleph0's picture

Do they mean the "Statistics" of 2006 are now cut/pasted for 2013 ?
More like the "real" numbers are the same as 1989 or earlier.


BTW ...Viva Grillo :  Sack the lot of 'em .

( the political class of course )

Ghordius's picture

eurostat collates national statistics - and I can attest that european national statistics are quite good, also thanks to eurostat itself that checks a bit

spanish employment statistics are an exception - for political reason they are a bit understated since the 80's - this is known and similar to Italy's situation where many "unemployed" are partly or fully employed in the submerged economy

BandGap's picture

Aren't people who attend school also considered employed in Britain? I remember a discussion with a Brit about two years ago about unemployment not being properly reflected due to the fact that the government was "retraining" people and didn't consider them in the unemployment numbers. Of course, the government was picking up the tab for the "training".

Ghordius's picture

I'm not sure about this specific item, but it fits with the general tendency of unemployement being overstated, in europe, yes

TBT or not TBT's picture

You mean understated right? Anyway the important thing to note is the inactivity rate for each age set. That figure is very high all over. European free education systems are an unemployment sponge, and have been for decades. In the us we cleverly use our outrageous tuitions and easy federally backed education loans to turn our unemployment problem into another financial product, soon to be for sale like MBS.

Oldwood's picture

I don’t think the world has ever seen a time when more people were dependent upon a central government for their very existence. While it would be easy to imagine a point where the reality of our circumstances overwhelm our delusions, I’m beginning to believe there will never be a true reconciliation. People’s belief that their survival is directly linked to the redistributionist powers in place will prevent any real reform, much less retribution against the actual perpetrators. This has always been about the power that dependency creates. We have learned that while the power of the gun can precipitate the fastest change, it offers less permanence than dependency. The chaos that has been deliberately created destroys any vision of a future leading to reactive short term interests. The media’s adherence to their ideologies facilitates our destruction, all for the good of man. We are quickly becoming livestock and the few who refuse domestication will be dealt with accordingly. The free range chickens that we emulate will be simultaneously portrayed as idiotic and dangerous. And as free range we have little ability to control the outcome of this other than to enjoy our remaining freedoms until which time we are eliminated as a “game bird” or find ourselves ensnared in a trap that puts us firmly inside of the pen. Unemployment is well within the pen.

AlaricBalth's picture

Excellent essay. This may be of interest.

Behavioral Principles of Livestock Handling

Some of the same techniques used to handle farm animals seem to be working very well with humans.

"Handlers can often control animals more efficiently if they exert dominance over an animal. Exerting dominance is not beating an animal into submission. It is using the animal's natural behavior to exert dominance and the handler becomes the "Boss animal". Nomadic tribesmen in Africa control their cattle by entering the dominance hierarchy and becoming the dominant herd member. "

booboo's picture

HAHA! That headline is wrong, Tylers Fucked up, it is supposed to read UNemployment, it can't mean Employment you bunch of dumb.......what? it's right? You mean stocks rally on..........nevermind.

JustObserving's picture

And people talk of sovereign debts being paid off in some future - only in an imaginary future in a galaxy, far, far away.

And the Fed exiting from its QE policy when US debt grows at $1.2 trillion a year and unfunded liabilities grow at $6.9 trillion a year. There will be no exit from QE anywhere - just debt forgiveness which is a more palatable term for default.

Investor-1's picture

As long as the economy is not healthy on it's own (without the FED and ECB pumping money) these numbers don't mean much. I think there is still a very high risk that it will go very wrong someday soon. In Europe and in the USA. in my cfd trading activities I try to anticipate on that by trading the precious metals long and stocks short as much as possible.

Yen Cross's picture

  These markets are beyond retarded! The dax is up 64 and the eur/usd is hammered down almost 100 pips.

Monedas's picture

Strike one more Euro-Job .... Pontiff .... at least the Falkland Islanders can expect support from an Argentine Pope .... a man of peace ?

Edward Fiatski's picture

Can't be that bad. /sarc

Leg III down on employment!

Shizzmoney's picture

This is all that matters:

If the Fed and ECB keeps pushing stocks higher

It's the only thing they care about.  They don't care about wages, employment, workers' rights, or even GDP.....all they care about is pushing their stock markets higher so their buddies make dough and it will look like to the majority of dumb people out there, that everything is "improving".

They call it, "The Wealth Effect".  I call it, "The Bullshit Effect".



overmedicatedundersexed's picture

as for america, the employment picture is much improved, people needing food and housing assistance is at new records, deserted shopping malls, empty office space, massive layoffs ..the elite have moved forward, and eliminated any opposition, conservatives have no political clout and have been neutered by neocon and other traitors (mccain,graham,romney and the limp wrist crowd at gop headquarters, talk radio has been emasculated and offers only pap,)..violence may come, but fluride/drug doped rarely enjoy the last days.

TBT or not TBT's picture

Mark Levin is pap? Just trying to get a read here. Michael Savage?