Chart Of The Day: Euro Area Unemployment Hits New Record High

Tyler Durden's picture

It appears like the New Normal is merely a phrase used to describe daily records in virtually everything: the Dow Jones, the S&P, US foodstamps, sovereign bailouts, US total debt, and, today, Euro Area unemployment, which just rose to a fresh all time high 12%. From Bloomberg brief: "Euro-area unemployment rose to a record 12 percent in February and January’s figure was revised up to the same level from 11.9 percent estimated earlier, the European Union’s statistics office said. Jobless rates in January ranged between 4.9 percent in Austria and 27 percent in Greece. While rates in the euro area have risen by 1.1 percent point in the past year, unemployment has fallen by 0.6 percentage point to 7.7 percent during the same period in the U.S." Or said otherwise, European unemployment has now been rising constantly for 22 consecutive months - the longest period for deteriorating unemployment since the early 1990s, which, however, is to be expected for a continent which as we showed yesterday, has now reverted to 19th century growth rates.

The charts below are self-explanatory.

Source: Bloomberg Brief and SocGen

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Temporalist's picture

Problems solved!

yogibear's picture

Now we know how Benny Bernanke's QE to infinity is working out!

Impoverish and enslave the rest of the world, enrich a few.

edb5s's picture

SS Global Recovery, full steam ahead!

GetZeeGold's picture



Who loves socialism? WE LOVE SOCIALISM!!!!!


Give us moar!!!!

NoDebt's picture

I, for one, am very disappointed.  I thought it was another GS "swirlogram", which is my absolute favorite.  Instead it's just a weird circular plot of different countries' unemployment rates.  Would a simple bar graph not have sufficed?

Please don't tease me with things that look like swirlograms but aren't any more.  I feel cheated and lied to.  I already have enough cheating and lying going on without this.  ;)

LawsofPhysics's picture

Something about "idle hands" comes to mind.  What could possibly go wrong?  Long sharecropping...

TBT or not TBT's picture

Not a lot of young people in most of Europe, relative to the aging population. France is, exceptionally, near replacement rates, or anyway has been of a long while up to recently, so there are more youth there per head to do testosterone fueled stuff like rioting and war and jihad. The composition of France's exceptional(in Europe) fecundity is pretty frightening. France will not exit the century French, culturally.

the not so mighty maximiza's picture

where is her majesties kingdom UK?


Edward Fiatski's picture

Shoveling shit & painting grass - full employment. :)

LawsofPhysics's picture

That and the fact that the "bread and circuses" are much better.

Anglo Hondo's picture

where is her majesties kingdom UK?

How about "NOT in the euro area"?

But up around 10% anyway.  Thanks for asking.

JustObserving's picture

Get the US Bureau of Labor Statistics to calculate the unemployment - problem solved.

fomcy's picture

SG out with another Gold bashing article on Bloomberg:

"Gold ‘Bubble’ Seen Turning to Bear Market by SocGen on Recovery"

Freaking WWI (written while intoxicated) lunatics. :)))

ParkAveFlasher's picture

Batten down the hatches for margin req increases.  The market will become physically-based but it won't be easy.

Alpha Monkey's picture

Good, OMW to get some more shiny today, was hoping a discount would materialize.

dow2000's picture

Ha this article sites Goldman and Soros recommending Gold to enter a bear market.  If there was ever a sure thing Buy signal, this would be it !!!

They lie with one hand and steal with the other...

smacker's picture


Well, it's all in a worthwhile cause of creating the EUSSR, impoverishing Europe's citizens and furthering the fascist power and control of political elites and EU-crats.

<eyes rolling>

proLiberty's picture

Hows that money-printing working out? Fools!

caimen garou's picture

according to bloomberg news spain is in a recovery, anything with the bloomberg name attached to it is nothing but bullshit!

P Rankmug's picture

Why not change how unemployment rates are calculated in the Eurozone and adjust the outcome to whatever unemployment rate is desired. Then the Eurozone can be just as successful as the U.S.  Problem solved, win a Nobel Prize.

Shizzmoney's picture

Euro Crisis rise in joblessness will soon trump Lehman Crisis.

But hey, DOW and S&P!!!!!!!1111

newworldorder's picture

Does anyone know?

Is the unemployment rate in Europe and UK measured with the same mothodologies and models used in the US by the Dept of Labor?

Anglo Hondo's picture

Uk measures by the number claiming Job Seekers Allowance.  They don't count disability claimants (just went down by at least 850,000, when told they had to have medical checks) and don't count those who just gave up looking for a job.

Real figure is north of 20%.


Sudden Debt's picture

No. We don't tend to kick people out of statistics after a few months.

Even after 9 months, people who are unfortunate to lose their jobs STILL EXIST!!

NoWayJose's picture

Bullish! High unemployment along with generous unemployment benefits means that more Europeans will have enough leisure time to lay on the Cypriot beaches!

TrumpXVI's picture

Thanks for the swirlogram.

I needed that.

Navymugsy's picture

I know we're slacking at only 15% but I promise that Cyprus will be doing its part by hitting 20% unemployment before summer!

Lebensphilosoph's picture

So, in general, the more Germanic a country is, the lower the unemployment. No surprises there.

Lebensphilosoph's picture

Jobless rates in January ranged between 4.9 percent in Austria and 27 percent in Greece.

Austrian mean IQ: 102

Greek mean IQ: 92

Shizzmoney's picture

That chart is in the shape of a reacharound.....fitting.

d edwards's picture

I thought it was symbolic of Euroland circling the drain! :)

Sudden Debt's picture




Over here we had the same headlines on the newssites... "European unemployment at a new record!"

now... about 15 minutes ago... the text on the headlines changed into.... : "More people are looking for a job"

Sudden Debt's picture

As I'm looking out of the window of my office...


This is so cool :)

Looks like somebody is planning on collecting insurrance money :)

Revenue... if it doesn't come from sales... maybe it'll come from a matchbook...

Edward Fiatski's picture

God, SD, grab a camera!



Sudden Debt's picture

well, my collegues are discussing right now if that's a chemical company or not...

I think I'll stay inside for now :)


Thank god the wind is blowing the smoke over the city and not toward my direction...

orangegeek's picture



Euro markets are up 1% across the board. 


So everyone is unemployed and therefore broke in Europe - but somehow, they have cash to buy products from companies listed on these exchanges.


Good work.

Sudden Debt's picture

in most of West-Europe, when you get fired, the company has to pay you somewhere between 100K and 175K if you're a factory worker... I get a 6 year salary payout if they fire me. So I don't really tend to give a fuck if they fire me or not.

As long that the company doesn't go bankrup, I'm fine :)

so that leave some room to do some nutty things when you're fired :)


Edward Fiatski's picture

You socialist hippie. :)


Sudden Debt's picture

that movieclip was priceless...  :)

I'm looking for it but can't find it....

Edward Fiatski's picture

Mr. Panos at your service //when he's not having 7 hour coffee breaks --

W74's picture

Fucking hilarious!!!!  Thanks to both Fiatski and Sudden Debt.

Hongcha's picture

Sudden Debt:

1. Find out whose company it is;

2. Buy the dip.

Jason T's picture

There is a stunning relationship between unemployment and net international investment position.  

Darth Stacker's picture

Free Jon Corzine! 

whatthecurtains's picture

Luxembourg and Malta won't be on the inside track for long.   Their banks will hear a "huge sucking sound" heading towards the UK.

jonytk's picture

the image is misleading, EU area and Germany reads on the left and the other reads on the right...