This page has been archived and commenting is disabled.

Spain Celebrates The "End Of The Recession" With 54% Youth Unemployment, Highest Since January

Tyler Durden's picture




 

When we were greeted by the latest batch of optimistic Spanish data this morning, such as the following:

we thought, we would see some actual "end of recession" signals when it came to the underlying economy, like for example: jobs actually being created. Alas no. According to the just released European employment data for May, total Spain unemployment remained unchanged in May at 25.1%, while youth unemployment has actually risen to 54.0% - the highest since January!

That's ok though: aside from the facts, once is welcome to "believe" whatever headlines one wants to believe.

And speaking of "recovery", here is what unemployment across Europe looked like as of May.

Source: Eurostat

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 07/01/2014 - 09:26 | 4913422 Seasmoke
Seasmoke's picture

Words > Numbers. 

Tue, 07/01/2014 - 09:32 | 4913447 Hippocratic Oaf
Hippocratic Oaf's picture

Tyler

GM just reported sales up 1%, Ford down 5.8%

Can we get a new all time high channel stuffing chart?

Tue, 07/01/2014 - 09:43 | 4913460 Beam Me Up Scotty
Beam Me Up Scotty's picture

"Words > Numbers."

I'll be so glad when they raise my chocolate ration from 30 grams to 20 grams!!!!!

Tue, 07/01/2014 - 09:34 | 4913453 DeadFred
DeadFred's picture

Hedonic adjustments to the stats have determined that under 25s are not really people. For the Win!

Tue, 07/01/2014 - 09:27 | 4913426 youngman
youngman's picture

Some unemployed soccer players right now too..

Tue, 07/01/2014 - 09:28 | 4913427 James Dandy
James Dandy's picture

They also won the World Cup.

Tue, 07/01/2014 - 10:46 | 4913701 zerocash
zerocash's picture

That was 4 years ago. 1 - 5 against the Netherlands bitchez!!

Tue, 07/01/2014 - 09:28 | 4913429 Grande Tetons
Grande Tetons's picture

...and to think 54 percent is probably on the low side. 

Tue, 07/01/2014 - 09:28 | 4913434 LawsofPhysics
LawsofPhysics's picture

Something about "guns and numbers" comes to mind...

Youth is indeed wasted on the young (by design)...

Tue, 07/01/2014 - 09:35 | 4913458 yogibear
yogibear's picture

Arm the youth and then you have something. Send them to the villas and gated communities. Nothing like restless unemployed youth.

Tue, 07/01/2014 - 09:55 | 4913524 overmedicatedun...
overmedicatedundersexed's picture

are the youth in spain into self mutilation? so many tats so many piercings on many kids here in the empire..

the psycological implications are manifest. can they feel any more worthless any more alienated, listless and dull eyed- some even now question our Hope and Change King, but not many and not often.

Tue, 07/01/2014 - 11:04 | 4913749 Ghordius
Ghordius's picture

no, the youth in Spain is not into self mutilation, not more than in the rest of Europe

check on the absolute figures in the Spain row: in May 2013, 955'000 under-25 were jobless. in May 2014, 855'000 under-25 were jobless

that's 100'000 less unemployed under-25s than one year ago (and you should always compare the same months of the years)

the truth is that recovery - if not fuelled by insane amounts of fiat - is always slow, slow, slow

and the Spanish economy is strongly characterized by very small companies. 95.5% of all companies have less than 10 employees - with often one or two employees not on the official books, particularly the own family & extended family members. in my own estimation of the current 855k youngsters one third is off-the-books, and another third is on-and-off employed in the "submerged" economy"

in aggregate, they are not suffering, often living at Hotel Mama - something that is not a stigma, in the South - and having various stints at various jobs, even in North Europe

this does not mean that at least 300'000 aren't, in various ways, suffering. yet again the state does help and life can be very, very cheap, in Spain. particularly if you shop at the markets and do things like buying whole chickens (feathers, talons and all attached) and preparing and cooking them yourself. who suffers is often those who can't, for various reasons - often connected to the extended family's fortunes - "change tack" and leave, for example, the more expensive cities (like a godson of mine that insists he has to keep his little flat in Madrid)

one of the problems is that it's the size of microbusiness that makes lending so slow and labourious. banks prefer bigger clients, if possible. Santander claims it wants to tackle the problem with new solutions. others are starting to go the micro-lending way

all in all, it's way better to be young and jobless in Spain than in the UK. which is still way better than in the US, from what I hear around

Tue, 07/01/2014 - 11:09 | 4913787 intric8
intric8's picture

Thanks for nothing, ghordo. i was hoping for a revolution there by next tuesday ;- ]

Tue, 07/01/2014 - 11:18 | 4913820 Ghordius
Ghordius's picture

in the same way as communists were hoping for a revolution in Germany and were later upset when they got one 1917... in Russia?

which leads me to the question: what kind of revolution are you hoping for?

youth rebels. it's the generations "in the middle" that make revolutions. you have to offer a scheme, any scheme, to pull off a revolution

Tue, 07/01/2014 - 11:51 | 4913980 intric8
intric8's picture

wink, ghordo, wink

The younger generation are more patient, adaptable and have less expectations. They can ratchet their lifestyle down and find ways to be happy. After a sufficient amount of time, though, things better improve or these guys will get antsy.

Tue, 07/01/2014 - 09:30 | 4913442 Smiley
Smiley's picture

Winning!

Tue, 07/01/2014 - 09:30 | 4913444 Shizzmoney
Shizzmoney's picture

The young people today are going through some of the worst times in history; governments treat us as expendable, and yet the majority of us still vote and work for these assholes.

Tue, 07/01/2014 - 09:44 | 4913474 LawsofPhysics
LawsofPhysics's picture

"The young people today are going through some of the worse times in history" - Bullshit.  I can think of considerably worse times to be a young person in the world.  Some not so long ago.  For example, there isn't even a draft in the U.S..  Please, the average young person is a mindless, lazy, piece of shit.  They don't know how to actually do anything constructive if they can't "google" it and half the time they are following bad information (because everything on the internet just has to be true...).

Tue, 07/01/2014 - 09:51 | 4913507 lawton2
lawton2's picture

You have a point but I know a lot of young people that want to work and can only find P/T jobs that pay nothing. This is nothing like it was for the boomers etc.

Tue, 07/01/2014 - 10:00 | 4913543 tarsubil
tarsubil's picture

Get off my lawn!

Tue, 07/01/2014 - 09:45 | 4913483 Dr. Engali
Dr. Engali's picture

Come on seriously? Talk to some of the people who came through the depression and tell them that. They'll laugh in your face. The young people today eat well (well if you can call what we serve as food, food) and they have plenty of circuses to distract them.

Tue, 07/01/2014 - 10:59 | 4913746 zerocash
zerocash's picture

The times that are coming will be much worse than the Depression. At least people had a sense of community back then and they had practical skills so they could grow food for themselves and their family.

Tue, 07/01/2014 - 09:33 | 4913451 yogibear
yogibear's picture

And negative interest rates should help even more.
These bankster soldiers, like Goldman's Mario Draghi are proceeding as planned. Scraping whatever wealth is left from the 99%.

Tue, 07/01/2014 - 09:38 | 4913470 Sudden Debt
Sudden Debt's picture

I guess this is what they meanth with "It's only uphill from here on out".... nice chart...

Tue, 07/01/2014 - 09:41 | 4913475 Dr. Engali
Dr. Engali's picture

Frankly I'm amazed that the youth unemployment has gone on this long without more social upheaval. 

Tue, 07/01/2014 - 09:45 | 4913494 youngman
youngman's picture

Because mommy and Daddys ATM Card is still working....when that runs out ..then watch out...so far the parents are happy paying for their spawn...

Tue, 07/01/2014 - 09:48 | 4913502 lawton2
lawton2's picture

Yep I can't count the people in their 20's and 30's living at home with parents now due to unemployment or a job paying hardly anything and many have degrees.

Tue, 07/01/2014 - 09:45 | 4913495 Grande Tetons
Grande Tetons's picture

I think you answered your own question with your post above. 

Tue, 07/01/2014 - 09:47 | 4913500 Buckaroo Banzai
Buckaroo Banzai's picture

You can thank marijuana, cheap contraception, video games, and "women's liberation" (read women's slutification) for that.

Tue, 07/01/2014 - 09:52 | 4913516 The Most Intere...
The Most Interesting Frog in the World's picture

So, we are expecting our youth to riot, so they can get a job and work.?  Not sure that is going to happen any time soon....

Tue, 07/01/2014 - 09:53 | 4913520 booboo
booboo's picture

which tells you  all you need to now about how motivated they are to get up off the couch and throw some statist fucks out of a window down at the Department of Do Nothing and Fucking with Peoples Lives.

Tue, 07/01/2014 - 11:25 | 4913868 SethDealer
SethDealer's picture

and 71% of americans 17 to 34 cant even qualify to join the military!

Tue, 07/01/2014 - 09:47 | 4913498 lawton2
lawton2's picture

If they calculate unemployment like the US does now then its probably 80% youth unemployment if everyone wanting a job was counted.

Tue, 07/01/2014 - 09:52 | 4913515 Son of Captain Nemo
Son of Captain Nemo's picture

You know I never thought I'd agree to the psychology of it, but those tanks painted "all white" with the UN insignia on the side of them don't look as menacing when they are all tricked out in camo?...

Maybe they really are just saying to all of us "We just want to help you"...  So come closer!

http://investmentwatchblog.com/the-trigger-event-for-the-un-takeover-of-the-us/
Tue, 07/01/2014 - 09:58 | 4913533 It's fine
It's fine's picture

I thought they include drugs, prostitution, among other black market tricks in the GDP 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tue, 07/01/2014 - 10:07 | 4913563 Bioscale
Bioscale's picture

What's the point with 30+ empty para html elements?

Tue, 07/01/2014 - 10:40 | 4913679 dearth vader
dearth vader's picture

Just hot air.

Tue, 07/01/2014 - 11:06 | 4913778 Ghordius
Ghordius's picture

and a way to piss off ipad readers, I guess

Tue, 07/01/2014 - 10:05 | 4913558 Calculus99
Calculus99's picture

To put it in perspective how disgraceful the 54% youth unemployment figure is -

Youth unemployment in the Gaza strip is 60% and that's got the heavy boot of Israel right on its neck.

Compared to the Gaza strip, Spain has everything going or it. Proves how deceitful and dreadful the Spanish/Euro polticians really are. The youth are always the future, however bad they seem to the older generation (we looked as bad when that age).

Tue, 07/01/2014 - 10:07 | 4913565 youngman
youngman's picture

Who thinks all the youth want a JOB....many are happy just hanging out...

Tue, 07/01/2014 - 10:16 | 4913606 Bioscale
Bioscale's picture

Until the government money for doing nothing will be put on hold.. Let's see the party after that.

Tue, 07/01/2014 - 10:43 | 4913694 eaglerock
eaglerock's picture

I wonder about these unemployment numbers.  My kid is out of college looking for a job.  As she has never filed for unemployment, I don't think she is even considered unemployed by the government.

Tue, 07/01/2014 - 11:05 | 4913774 lawton2
lawton2's picture

Its a survey of like 60,000 households and if you claim you haven't acvtively looked for work in about 4 weeks because you are getting no replies they don't count you as unemployed.

Tue, 07/01/2014 - 11:13 | 4913804 El Vaquero
El Vaquero's picture

Likely she is not counted.  Real U3 unemployment is somewhere around 12%-15%.  Add ~7% to that to get real U6 unemployment.  People who want jabs, but are not counted as part of the labor force are not counted as unemployed.  But they are out of work.  There are lies, damned lies, then there is the Bureau of Labor Statistics.

Tue, 07/01/2014 - 10:55 | 4913731 Reaper
Reaper's picture

The EU government schools succeeded. The EU sheeple lambs were trained to obey their masters, even unto their destruction. Praise be to the State.

Tue, 07/01/2014 - 11:11 | 4913794 Ghordius
Ghordius's picture

there is no such thing as "EU government schools". every country has it's own educational system

and often they have more than one, if you split into private/public and in some federal setups

Tue, 07/01/2014 - 11:32 | 4913898 ThirdCoastSurfer
ThirdCoastSurfer's picture

Just because you're "unemployed" or underemployed doesn't mean you need a job. I visited Spain recently and, just like everywhere else, there were people who needed a job, but most were happy to live off their (or their parents') accumulated wealth. Society now has a plethora of distractions never before available. Housewives left the home for a job due to boredom, but that was before the digital age.

Why is no one looking into this phenomenon and it's economic effects? 

If you only consume and fail to produce in an economy with excess capacity, are you helping or harming the economy? 

Tue, 07/01/2014 - 12:14 | 4914081 goldhedge
goldhedge's picture

OLE B1thches !

Do NOT follow this link or you will be banned from the site!