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Chart Of The Day: Euro Area Unemployment Hits New Record High
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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Problems solved!
Oh the web we weave, when we first practice to deceive.
Now we know how Benny Bernanke's QE to infinity is working out!
Impoverish and enslave the rest of the world, enrich a few.
SS Global Recovery, full steam ahead!
Who loves socialism? WE LOVE SOCIALISM!!!!!
Give us moar!!!!
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. ;)
Something about "idle hands" comes to mind. What could possibly go wrong? Long sharecropping...
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.
where is her majesties kingdom UK?
Why off having tea, of course.
Shoveling shit & painting grass - full employment. :)
That and the fact that the "bread and circuses" are much better.
where is her majesties kingdom UK?
How about "NOT in the euro area"?
But up around 10% anyway. Thanks for asking.
brillant
Get the US Bureau of Labor Statistics to calculate the unemployment - problem solved.
SG out with another Gold bashing article on Bloomberg:
"Gold ‘Bubble’ Seen Turning to Bear Market by SocGen on Recovery"
http://www.bloomberg.com/news/2013-04-02/gold-bubble-seen-turning-to-bea...
Freaking WWI (written while intoxicated) lunatics. :)))
Batten down the hatches for margin req increases. The market will become physically-based but it won't be easy.
Good, OMW to get some more shiny today, was hoping a discount would materialize.
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...
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>
Hows that money-printing working out? Fools!
according to bloomberg news spain is in a recovery, anything with the bloomberg name attached to it is nothing but bullshit!
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.
Euro Crisis rise in joblessness will soon trump Lehman Crisis. pic.twitter.com/YhDWRPIPN5
But hey, DOW and S&P!!!!!!!1111
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?
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%.
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!!
Bullish! High unemployment along with generous unemployment benefits means that more Europeans will have enough leisure time to lay on the Cypriot beaches!
Thanks for the swirlogram.
I needed that.
I know we're slacking at only 15% but I promise that Cyprus will be doing its part by hitting 20% unemployment before summer!
So, in general, the more Germanic a country is, the lower the unemployment. No surprises there.
Austrian mean IQ: 102
Greek mean IQ: 92
That chart is in the shape of a reacharound.....fitting.
I thought it was symbolic of Euroland circling the drain! :)
AND ALL THE EUROPEAN MARKETS ARE UP!!!
WE NEED MORE UNEMPLOYMENT TO TELL US ALL IS WELL!!!
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"
As I'm looking out of the window of my office...
I SEE A HUGHE FIRE IN THE HARBOR OF ANTWERP!!
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...
God, SD, grab a camera!
THIS IS A HISTORIC MOMENT OF FUTURE EUROPEAN GDP GENERATION. +++ 0.00000005% +++
Forward!
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...
LMFAO!!!!
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.
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 :)
You socialist hippie. :)
"WE LAZY?! WE RESTING!"
that movieclip was priceless... :)
I'm looking for it but can't find it....
Mr. Panos at your service //when he's not having 7 hour coffee breaks -- http://www.youtube.com/watch?v=Zvl9N9GdraQ
Fucking hilarious!!!! Thanks to both Fiatski and Sudden Debt.
Sudden Debt:
1. Find out whose company it is;
2. Buy the dip.
There is a stunning relationship between unemployment and net international investment position.
Free Jon Corzine!
Luxembourg and Malta won't be on the inside track for long. Their banks will hear a "huge sucking sound" heading towards the UK.
the image is misleading, EU area and Germany reads on the left and the other reads on the right...