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Spain Youth Unemployment Rises To Record 57.7%, Surpasses Greece

Tyler Durden's picture




 

There has been much speculation recently about some immaculately conceived Spanish economic recovery. And while it has certainly sent the local Ibex stock market soaring, we fail to see any indication of such a recovery, at least in official economic data. The latest example being, of course, today's European unemployment for November, which at the Euroarea level remained flat at 12.1%, which also is the all time record high following a prior revision. However, what is more troubling is that according to the official European statistics keeper, Spanish unemployment in November was 26.7%: tied for the all time high seen in October and hardly an indicator of some imminent economic renaissance. There is, of course, always December - that month in the New Normal when hiring really picks up.

But where things get really bad is when one looks at Spain's youth unemployment. At 57.7% in November, nearly two in three Spaniards under 25 had no job, and the nail in the coffin for the "recovery" is that this rate is now well above the latest update from Greece, where the youth unemployment was "only" 54.8% as of September.

And now, buy Spanish bonds and stocks, because "the recovery."

Source: Eurostat

 

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Wed, 01/08/2014 - 08:33 | 4310944 TheBoyPlunger
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But Cramer said Spain is doing great !

Wed, 01/08/2014 - 08:44 | 4310956 GetZeeGold
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The kids in America will show them how to do it....just watch.

 

It's a huge secret......we're gonna use solar panels......don't tell anyone. A solar panel and two 29.5hr jobs for everyone....it's the NEW American dream. Hell......we even made it a law.

Wed, 01/08/2014 - 08:54 | 4310981 Popo
Popo's picture

Enough with the "youth unemployment".  It's a bullshit stat and always has been, although it's good for "shock factor".  It doesn't take into account the number of kids in college -- which in many countries like Spain is state subsidized and very high.

Here's a question for anyone reading this:   For what percentage of time were YOU employed between 18-25?

Wed, 01/08/2014 - 08:55 | 4310986 GetZeeGold
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I'm clugging the Koolaid as fast as I can.....it just isn't kicking in.

Wed, 01/08/2014 - 09:41 | 4311108 Stuart
Stuart's picture

Eventually this reaches a tipping point when people have had enough.  At that point it's like a flash fire.   We're close. 

Wed, 01/08/2014 - 12:11 | 4311628 MeBizarro
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The youth have been the ones demonstrating en masse in Spain and have for over a year.  The establishment to be doesn't care because they don't have enough voting numbers and older workers who are incredibly difficult and especially costly to get rid are content enough with the status quo.

Anyone under 30 who doesn't have a job and/or recent graduate and with any ambitiion has already left.  Spain has had a huge exodus especially among highly-skilled educated young professionals the past 2 years.

Wed, 01/08/2014 - 09:44 | 4311116 Occident Mortal
Occident Mortal's picture

 

How can someone be classified as "not in the labour market"?

That's just bullshit, these people are unemployed.

 

The term "unemployment rate" has been completely hijacked by lying political entities hell bent on deception.

 

The labor force participation rate is what's important (it shows what the unemployment rate used to show). It's what tells you how many mouths your McJob has to carry.

 

In the US and UK it's about 62%, which means 62% of what you earn is for you, and 38% goes to feed, clothe and shelter someone else who is busy doing jackshit.

Wed, 01/08/2014 - 08:55 | 4310987 Tyler Durden
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Actually, it does.

Wed, 01/08/2014 - 08:59 | 4310998 GetZeeGold
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 THANK YOU!

Wed, 01/08/2014 - 08:59 | 4311000 Scarlett
Scarlett's picture

Uganda is not Spain

Wed, 01/08/2014 - 09:01 | 4311002 GetZeeGold
GetZeeGold's picture

 

 

Zimbabwe is not Uganda.

Wed, 01/08/2014 - 09:03 | 4311007 The Shodge
The Shodge's picture

TIME TO EAT DA POO POO!

Wed, 01/08/2014 - 09:04 | 4311011 Popo
Popo's picture

It certainly is.  Tyler just goofed -- twice.  

Wed, 01/08/2014 - 09:05 | 4311004 Popo
Wed, 01/08/2014 - 09:06 | 4311014 GetZeeGold
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Time to pick the cherrys.

Wed, 01/08/2014 - 09:11 | 4311024 Popo
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You're embarassing yourself.   Please take the half naked Tyler poster off your wall and click the link.

Wed, 01/08/2014 - 09:17 | 4311028 GetZeeGold
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If I have to see one more greenchute......I'm gonna hurl.

 

You seem a little pissed off and frantic Popo!

Wed, 01/08/2014 - 09:57 | 4311156 Popo
Popo's picture

Pissed off?  Frantic?  Neither. Not in the least.

And it's "green shoot", not "chute".  

Wed, 01/08/2014 - 10:11 | 4311198 GetZeeGold
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I call it chute.....as in a fast track to the bottom.

Wed, 01/08/2014 - 09:15 | 4311032 Tyler Durden
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"The biggest change in Spain, however, is the surge of young unemployed not in education, at the expense of a decrease in those employed and not in education (area red-coded). There are similar patterns in other countries strongly affected by the crisis."

Wed, 01/08/2014 - 09:59 | 4311161 SmallerGovNow2
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Still, according to the definition in the link (which i cannot attest to)....

"People are classified as being employed or unemployed irrespective of whether they are in education or not. In other words, Eurostat unemployment statistics, in line with ILO standards, do not exclude students from unemployment just because they are students. "

Wed, 01/08/2014 - 10:13 | 4311201 Debugas
Debugas's picture

from your link i still have no answer to the following question

is a student concidered to be unemployed or economicaly inactive or both ?

Wed, 01/08/2014 - 09:04 | 4311010 LiquidityandLunacy
LiquidityandLunacy's picture

It's like that here too, but it's more obvious in a smaller country. It doesn't take into account the fact that why the fuck would I get a job if you and everyone else will give me endless social benefits

Wed, 01/08/2014 - 09:00 | 4311001 PontifexMaximus
PontifexMaximus's picture

All this BS written esp. about European youth unemployment, I don't know where it's coming from. Last weekend in Sevilla, Spain, restaurants all plentyfull, no crisis at all. Same in Italy. Why do Amerikans not understand that it was always like that and believe me, those ppl are having a great time.

Wed, 01/08/2014 - 09:52 | 4311140 edotabin
edotabin's picture

Simply an innaccurate measure of the country's financial situation. 20-30% will always have enough money to go to a restaurant. In Spain that's about 10-15 million people. You can fill a lot of restaurants with 10-15 million people.

Wed, 01/08/2014 - 14:57 | 4312362 PontifexMaximus
PontifexMaximus's picture

Did u see any riots? Do those youngsters have a problem to come up for their iphone internet telefonica access? Let me know! Have you been there? Iam ready to learn.

Wed, 01/08/2014 - 09:05 | 4311013 Disenchanted
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re: "For what percentage of time were YOU employed between 18-25?"

100%, 1977 - 1984...although not at the same employer. 8 different employers in that time span. Since 1984, 2 employers.

 

btw blue collar, no college. Actually I've been 100% employed since I was 12 in 1971. A fat lot of good it's done me.

Wed, 01/08/2014 - 09:22 | 4311059 max2205
max2205's picture

Zero for me but that was early 80s when everything was fine....oh wait 30 year at 8%

Wed, 01/08/2014 - 10:40 | 4311301 SAT 800
SAT 800's picture

The whole problem is caused by Spain's no longer being a Roman Catholic Country. King Carlos V would understand. It's the God's punishment.

Wed, 01/08/2014 - 08:33 | 4310946 negative rates
negative rates's picture

And they are riding the big waves at the same time too.

Wed, 01/08/2014 - 08:39 | 4310958 PontifexMaximus
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hyperbullish!

Wed, 01/08/2014 - 08:42 | 4310961 Sudden Debt
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I've seen a docu on BBC showing all those youngsters in spain getting toghether at once home.

Sitting in front of the televion or just sitting somewhere.

They said they where doing so for 5 years now.

I'm sorry but I call that lazy bums.

If your lucky to have 10 friends. who all don't have a job. Who are all sitting idle.

WHY DON'T THEY THINK OF SOMETING TO MAKE MONEY?

START A BUSINESS WITHOUT WAGES UNTILL THE MONEY COMES IN?!

AT LEAST DO SOMETHING!

BECAUSE 5 YEARS OF TELEVION NON STOP MAKES YOU BRAINDEAD!

so what's you special skill kid?

eeuuuhhh... I can pull 5 inch boogers out of my nose and turn them into a little projectile that flies...

FUCK THAT!! THEY NEED A ASSKICKING!!!

 

Wed, 01/08/2014 - 08:47 | 4310974 Peter Pan
Peter Pan's picture

"WHY DON'T THEY THINK OF SOMETING TO MAKE MONEY?"

At 10% or even 20% youth unemployment I might be inclined to agree with you, but at close to 60% unemployment don't you think your comment is a little harsh and unrealistic?

Don't you think that 60% unemployment says more about the system, the government and the depth of the problem rather than the youth?

There will always be bums in any group of unemployed (and employed for that matter).

Perhaps YOU can suggest an idea for them to make money.

 

 

 

Wed, 01/08/2014 - 08:57 | 4310993 Sudden Debt
Sudden Debt's picture

1. http://youtu.be/aiqLuDEiDow this is for your stupid remark.

2. Spain is a tourist country and tourisme is at a all time high over there. Start a animation, street theater.

Build a food cart and sell food. Don't complain about paperwork... it's europe. 10 minutes and you get everything  you need.

If you're creative, do something in art.

....

THEY'VE HAD 5 YEARS TO THINK IT OVER!!!!

IF THAT'S NOT ENOUGH TIME TO THINK ABOUT SOMETHING THEY ARE SIMPLY LAZY BUMS WHO DON'T DESERVE A JOB!

Jezus... where's the creativity these days...

I'M SO FUCKING SICK OF  EXCUSES!!!

EVERYBODY HAS A EXCUSE FOR EVERYTHING!!

 

When China allowed capitalisme, IT TOOK ONLY A FEW YEARS TO SEE MILLIONS OF STARTUPS BY PEOPLE WHO DIDN'T HAVE SHIT! CHINA WAS DIRTPOOR!

INITIATIVE OR HELL! TAKE YOUR PICK!

AND DON'T YOU FUCKING DARE TO GIVE ME SOME LAMEASS EXCUSE OR I'LL BITCHSLAP YOU TO THE MOON!

Wed, 01/08/2014 - 09:06 | 4311016 negative rates
negative rates's picture

Most of my friends are like a coyotee on the move without a home now too, pisses me off that our ranks are thining while the opposition ranks are getting stronger. I'm down to my last nerve and i'm holdin in the hypocrisy with pressure cooker but if I don't hear from someone soon , I'll just go nuts about it all.

Wed, 01/08/2014 - 09:24 | 4311063 GetZeeGold
GetZeeGold's picture

 

 

EVERYBODY HAS A EXCUSE FOR EVERYTHING!!

 

You might want to cover your ears then......cause we're about to pump that crap out like it's water.

Wed, 01/08/2014 - 09:17 | 4311044 Reference Variable
Reference Variable's picture

Why so rage at the kiddies? Who do you think set the table for this?

Southern Europe is going to get exactly what they've got coming to them.

Wed, 01/08/2014 - 09:17 | 4311045 Peter Pan
Peter Pan's picture

We can debate without being personally offensive.

Having said that, you fail to understand that crazy governments combined with crazy economics produced some incredible malinvestments and some equally unpayable and unserviceable debt which has destroyed the Spanish economy. The TROIKA comes along and tries to fix this without doing anything about the debt. Good luck.

You are clearly angry but to suggest food carts, street actors and the like is just a bad joke. Sure, any initiative is good but let's be realistic about how much employment these things can produce.

As for China, don't be deluded into thinking some miracle has or is taking place. You and I wouldn't care to work under their work conditions or to breathe the air they are breathing. They are trying to do cart wheels on the edge of a precipice and I agree with Jim Chanos in believing that something bad will happen sooner or later over there.

As for millions of start ups in China, perhaps you are not aware of how many indsutrial operations the government is closing down. Perhaps you might not also be aware of how much money the government lent to businesses to hire people in lieu of paying unemployment benefits and the like. It's all coming to an end. Many of these enterprises cannot service the loans from government and government cannot afford to give out more such loans.

I repeat don't be rude to other contributors. :)

 

 

Wed, 01/08/2014 - 09:25 | 4311068 max2205
max2205's picture

Spain is making mexicans look good...thank god spain doesnt have a wide open uncontrolled boarder with the US...We'd have guitar players on every street corner

Wed, 01/08/2014 - 08:53 | 4310983 Joe A
Joe A's picture

They need to switch off their TVs for sure and go out. Even if there aren't any jobs there is always something to do. Like help out an elderly neighbour or fix something that is broken in the neighbourhood. Retirees can help to teach young people skills and trades. In the West we need to become communities again. For that we need to switch off the idiot box, go out and talk to people. It might not make you rich but it would make you feel better about yourself.

Wed, 01/08/2014 - 12:14 | 4311638 MeBizarro
MeBizarro's picture

3 people on some random documentary is defacto proof of what Spain's youth is doing?  Exzctly the kind of idiocy you see on TV that people internalize as being representative fact of the whole. 

Wed, 01/08/2014 - 08:43 | 4310965 Peter Pan
Peter Pan's picture

It hardly matters who is in front when you are headed for hell.

Any system that cannot give its young an opportunity for work and experience is unfortunately destined to taste failure, upheavel and violence.

If there were any doubts about the intentions of the TROIKA's austerity, they should now be put to rest.

Wed, 01/08/2014 - 08:45 | 4310970 Sudden Debt
Sudden Debt's picture

CORRECTION!

ANY SOCIETY WHERE THE YOUNGSTERS EXPECT HANDOUTS AND OPPORTUNITIES TO FALL OUT OF THE SKY IS DOOMED!

AMBITION

INITIATIVE

AND A BULLET FOR ALL THE 'yeah but... and I did that already... I tried..." FUCKERS!!

 

Wed, 01/08/2014 - 09:09 | 4311022 negative rates
negative rates's picture

Hey a razor blade and your wrist works pretty good too, just disconnect the phone to give it enough time. Got more if you need um, i'll check in tomorrow wit ya.

Wed, 01/08/2014 - 08:43 | 4310967 Sudden Debt
Sudden Debt's picture

FUCK THIS MAKES ME MAD!!!!

AAARRRHHHHH!!

IF YOU'RE NOT HANDED A JOB THESE DAYS IT GIVES YOU A TICKET TO LAZYNESS!!

NANNY!! WHERE IS MY NANNY!!! GIME MONEY FOR SIGARETTES AND ALCOHOL!! BWEEEIIIIII!!!

FUCK THAT!!! IT'S ASSWHOOPINGTIME!!!

Wed, 01/08/2014 - 08:52 | 4310979 GetZeeGold
GetZeeGold's picture

 

 

Someone is not taking their free herion.......just a little pinprick.....they're will be no more.....AAARRRHHHHH!!

 

In related news.....Pink Floyd has been contacted to promote Obamacare. They're slated to perform halftime shows for the NFL and NBA.........still in talks with MLB.

Wed, 01/08/2014 - 09:02 | 4311005 ParkAveFlasher
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I'd like to see Roger Waters take a sledge to The Green Monster, in fact I'd like to see anyone do that.

Thu, 01/09/2014 - 21:47 | 4317880 Dave Thomas
Dave Thomas's picture

Proof that Floyd post Syd sucks dong. 

 

 

Wed, 01/08/2014 - 09:10 | 4311023 negative rates
negative rates's picture

I see your pain and raise you a debt.

Wed, 01/08/2014 - 08:53 | 4310982 surf0766
surf0766's picture

The new spainish green economy is working. Make no mistake /s

Forward liberation marxists !

Wed, 01/08/2014 - 08:56 | 4310989 Joe A
Joe A's picture

In Greece in the meanwhile the ruling coalition party ND accuses oposition party Syriza of having ties with terrorists, forgetting that they -ND- and their coaltion party Pasok are the biggest terrorists.
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_08/01/2014_534978

Wed, 01/08/2014 - 09:15 | 4311035 DeliciousSteak
DeliciousSteak's picture

So they got rid of the nazis and now they're going after the commies. Democracy must be protected, at all costs.

Wed, 01/08/2014 - 09:29 | 4311078 Joe A
Joe A's picture

They have been trying to go after Syriza for some time now, branding them as extremist.  The aim is to forbid parties on the far left and right and have parties in the middle remain. How democratic is that?
It are the coalition parties themselves that are to blame for the emergence of fringe parties.

Wed, 01/08/2014 - 10:21 | 4311177 edotabin
edotabin's picture

Word on the street is Syriza is the gubmint in GR. If for nothing else, it will be an attempt at a protest vote by the 50% who have lost everything.

Will be interesting considering the Syriza guy has gone on and on about changing the terms of the loans etc. I expect posturing back and forth and I don't think the Europeans will cave. Eventually it may fracture the currency and someone else may swoop in and be the knight in shining armor. Many Greeks always had this thing with the Soviet Union. Maybe Putin is their new hero? Maybe the US will lend a hand? Too early to know.

 

EDIT: Just to be clear. Chances of making Syriza illegal = big fat zero. It is fear-mongering that will go nowhere. They couldn't outlaw Golden Dawn and they have done things that could easily be considered "actionable" by many

Wed, 01/08/2014 - 11:28 | 4311480 Joe A
Joe A's picture

With EU approval at record low in Spain and Greece everything is on there:
http://www.zerohedge.com/news/2014-01-08/approval-eu-leadership-plunges-...

Wed, 01/08/2014 - 08:58 | 4310995 youngman
youngman's picture

They have soccor to watch....all day long....and now the World Cup is comming..who would want a job during that...it would cut into your viewing time for sure...

Wed, 01/08/2014 - 09:11 | 4311026 negative rates
negative rates's picture

I need an exit to eternal summer slacking.

Wed, 01/08/2014 - 11:09 | 4311408 SAT 800
SAT 800's picture

Good time to short the EUR. I'm already commited to the GBP short; so I can't participate; but it's at the top of its long term trading range; for no realistic reason.

Wed, 01/08/2014 - 09:03 | 4311008 overmedicatedun...
overmedicatedundersexed's picture

look someone always pays for crime, usually it's the victim, and so now spanish workers are paying for the banksters and pols who stole their futures, same story everywhere. no justice no economy, the new normal.

Wed, 01/08/2014 - 09:15 | 4311034 El Hosel
El Hosel's picture

The Glass is 42.3% Full.... Bullish

Wed, 01/08/2014 - 09:17 | 4311036 Bioscale
Bioscale's picture

Who is familiar with how much money government pays out to young unemployed people in Spain?

I mean if they get enough money from the government for not-working compared to the entry-level-job salaries why would they look for a job?

Wed, 01/08/2014 - 09:29 | 4311076 Hank Reardon
Hank Reardon's picture

Not sure about unemployment benefit/payout but know a 23 year post-grad who is applying for a full time post as an intern in an hotel. Wage? 300 Euros p/c/m including food whilst on duty

but no accommodation..

Wed, 01/08/2014 - 09:43 | 4311112 Bioscale
Bioscale's picture

When I had a full time job in Spain in tourism industry several years ago (not big city location), my wage was around 2300 euro/month before tax, I had 6 years job experience at that time. For me as a foreigner it was not much money for this job compared to other EU contries like Austria or Germany (you don't go to Spain for money :), but my fellows Spaniards said they were really glad they had their jobs in that company.

Wed, 01/08/2014 - 09:29 | 4311060 smacker
smacker's picture

"And now, buy Spanish bonds and stocks, because "the recovery.""

 

But...but...but that's exactly what IS happening:

 

"Foreign investors pile into Spanish sovereign debt"

http://elpais.com/elpais/2014/01/07/inenglish/1389095292_478848.html

Wed, 01/08/2014 - 11:05 | 4311388 SAT 800
SAT 800's picture

Foreign investors pile into Spanish sovereign debt"---foreign? to Reality? To this planet? Aliens? Desperate house wives from New Jersey? Hard to fathom.

Wed, 01/08/2014 - 09:28 | 4311074 smacker
smacker's picture

The Spanish yoof unemployment figures are so high because they cannot register as "employed" when the main source of income is car theft, burglaries, mugging ex-pats, drug dealing and other assorted crimes.

Wed, 01/08/2014 - 09:30 | 4311083 kenezen
kenezen's picture

It's 27% because they are doing accurate reporting of the real numbers not like a fantasy land in a fairy tale that would report that as 7%!!!

Wed, 01/08/2014 - 10:29 | 4311260 NoWayJose
NoWayJose's picture

The Spanish and Greek economies have no need for unskilled young workers who have grown up with a socialist education system, video games, and cell phone apps. This is the same 'skill set' that most American youth have, and if the great deficit spending is ever replaced by fiscal austerity in the US, you will see similar rates in the US.

Wed, 01/08/2014 - 11:07 | 4311399 SAT 800
SAT 800's picture

The very moment "Texting" becomes a valuable job skill; the whole problem will go away. People who can't even add 8 and 5 can text like mad; it'll save the whole situation.

Wed, 01/08/2014 - 11:55 | 4311572 zerohedgejjxxzz12
zerohedgejjxxzz12's picture

There will come a time when this world wide epidemic of the people keeping their heads in the sand thing explodes, and the heads will come out quickly and mad as hell, Will they look in the mirror and take some responsability?

After all you cannot leave the fox in charge of the chicken koop withoout keeping a watchfull eye or they will kill every chicken in the koop.

Does this sound a llittle like what is happening! Your Governments are not out there for your best interests, they have all been bribed by the Financiers, after all, the most important thing to a politician is to get re-elected and to get the perks given to them from the financiers for the favors that they have provided, and the longer they are in office the richer they become from this system.

Everyone must do their part in this world and that does not just include getting a job a paying taxes, everyone must actively gaurd the chicken koop!

 You can never trust the fox!

Wed, 01/08/2014 - 12:00 | 4311586 Oldrepublic
Oldrepublic's picture

According  to an article in Forbeshttp://www.forbes.com/sites/nathanielparishflannery/2013/04/30/as-spain-...

There are lots of opportunities in Mexico for educated Spaniards.

Many smart Portuguese are moving to Brazil and Angola.

Wed, 01/08/2014 - 14:57 | 4312360 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Why are people so negative? It also means 42.3% of Spain's youth ARE employed!

/sarc

Wed, 01/08/2014 - 15:04 | 4312387 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

People wonder how the USA's unemployment numbers can be so low.  

It's because they use Metric unemployment calculations in Europe!

Translated into US numbers, Spanish youth unemployment equals 6.7%. No big deal.

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