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European Jobless Rates By Country: Youth Unemployment In Greece, Spain Remains Over 50%
Earlier today, the supposedly resurgent Eurozone reported a February unemployment number of 11.3%, which not only missed consensus but was worse than the highest estimate. This miss meant the recent steady trend of improvement would have halted if January's unemployment print of 11.3% hadn't been revised higher by 10 bps.
Still, 11.3% is better than the 11.8% reported a year ago, and as the chart below shows, the trend is certainly Europe's friend if only for the time being. One does wonder, however, how much of the improvement is due to the borrowing the BLS' favorite tradition of lowering the denominator and artificially reducing the eligible labor force by "eliminating" those who have been out of a job for a long enough period.
Statistical gimmick or no, one thing stands out: the biggest threat for Europe's future remains front and center - it is the youth (under 25) unemployment, which at 22.9%, and just barely below the 24% from a year ago. Worse, in the two most troubled European nations, Greece and Spain (with Italy not far behind), it remains well over half.
So while the ECB is desperately focused on masking the biggest issue plaguing Europe's financial system which is the several trillion in undisclosed bad loans on the books of bank balance sheets, Europe may want to address what is the real demographic timebomb, and one which assures that the current experiment will surely end in either the war or revolution predicted by Paul Tudor Jones, because when half the population spends its days without hope or a sense of responsibility, the only possible outcome is quite clear and it is also quite disastrous for European civil society.
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Unemployment In Greece, Spain Remains Over 50%
The futures so bright.....I gotta wear shades.
Welcome to the recoveryTM.
Unemployment is a pretty good deal, when you get a nice check from the government every week, forever...
The euro is doomed.
china wins. hey drag queen, smooze the premier to buy all that bond stuff, just like merica, ha...
advanced debt ladden western world gets a bric through the window, now you good keynsian fix your broken window...
I am getting ever closer to the point of apathy.
I can check this in the number of times I refresh ZH. 6 Months ago it was 20-30 times a day, now I am lucky to break 10.
I can now completely emphathize with Cypher/Mr. Reagan from the Matrix. I used to think he was a villian. Now I think he's normal.
apathy is in the rear view mirror, ahead is choas...
Maybe you're not drinking enough. Happens to me at times.
Nope, I am expirmenting with various new beers from the area. I keep coming back to Augustiner.
That being said -- I drink too much as it is.
Oh well, Prost!
Ahh -if beer is the drink of choice - might I suggest brewing your own. I graduated from basic kits to extracts and am about to go to all grain. Costs of a bottle of beer is about 25¢ without the gear. Great fun, I even peddle some to pals that basically puts me at drinking for free. SHTF and you're guaranteed a place in the compound!!!
I hear that! Been brewing wine for years - you can make it from the traditional grapes, other fruit or herbs (or a mixture of those). The key is finding a good strain of yeast to get the most out of the fruit. You can get up to around 20% ABV if you do it right, no preservatives or chemicals at all, and storage is easy.
Now if only I knew locals who made good beer and 'shine we'd never need to pay retail again.
20% ABV - who needs shine!? My brews comes in at - 5.2 IPA and around 4 on a stout. Once in a while I do a white wine - about 13.
Nothing like the sound of the bubbler in the morning to let you know all is well
Look for strains of yeast that tolerate higher ABVs - the taste suffers a little, of course.
Who needs 'shine? S'pose I don't but on the odd occasion I do like to raise a toast with a small glass of firewater. I try freeze distilling but the concentrated taste is a bit too much.
and this has nothing to do with those endless chants of "the euro is doomed"?
as I said so many times: ZH is not specialized in european matters, and particularly not eurozone matters. and this led me - believe it or not, as a fan of ZH - to give some input, which usually is completely disregarded or misunderstood
have a look at Tyler's "One does wonder, however, how much of the improvement is due to the borrowing the BLS' favorite tradition of lowering the denominator and artificially reducing the eligible labor force by "eliminating" those who have been out of a job for a long enough period. "
the question is where. eurostat churns those statistics, but it mainly only aggregates them after coordinating the methodology
those statistics are nevertheless national. and every and each nation member of the eurozone has it's peculiarities, there
the British statistic, for example (which is not included because it's a eurozone statistic) is being manipulated by so called "zero hours contract", as Q-Q-Q reminds us
the Spanish statistic has always been overreporting, and the Portuguese, the Italian and some more as well. This has many factors, including Leftish government's legacies and non-reported, non-taxed labour (the "black market"). But no, this has little to do with North/South, then in some other region those phenomenons are quite similar, including the sterling example of Scotland. which, not long ago, had even more horrifying statistics
further, family and corporate structures also have an influence. believe it or not, the small family company is still a widespread feature of the eurozone's economy... and it's often one of the main sources of misreporting of several statistics
history has also a part. those Youth Unemployment figures in Greece and Spain? well, in the 80's they were similar. we are talking here about cultures that are way more based on the extended family, which then often is also a business unit
but that's the problem: complex explanations lose the appeal of simplicity
Good post and I fully agree the facts and information are always going to be off when trying to fit such a large economy onto a page.
But (you knew there'd be a 'but) the trends don't lie so much, Europe is in doodoo and has been for years, I think you'd agree. It isn't record-strength and it isn't fatal, but it's bad. Not so bad people are dying of starvation and many aren't losing their homes or jobs - even the Zero Hours Contracts (which I despise) aren't as bad as made out as many have more than one. And, surprisingly, family businesses make up 80-90% of US business enterprises and generate 60% of all employment. The problem is when a business is successful the next generation are either too entitled or lazy to carry it on, which is why the average successful family business only lasts 60 years.
I'd be interested on your info about Scotland - doesn't seem to have had any publicity after the referendum.
Another BS propaganda "explanation" from the EU press release bureau. The numbers don't fit the narrative, so the numbers must be wrong (because the narrative must be right, of course !)
Here's the deal hombre: it's not that the explanations are not complex enough to describe your system, it's the system itself which is too complex to survive in its current shape and form ! The fragility of the entire EU system has been baked in since its conception (due mainly to the hubris and ignorance of its creators). Taleb does a wonderful job explaining why complex systems, left unchecked, are growing too complicated for their own survival. Maybe you (and your entire department) should read his last book. It won't help you fix your problems (you're way past the point of no return), but at least you won't die confused...
OT btw, Cypher in the Matrix could as well have asked a different question: where is the proof that the "Real" reality is not manufactured, too? in other words, could it be that there is a further red pill available?
in this context, how do you know that the counter-propaganda is correct?
police investigators worldwide have a simple method: whatever a human being tells them, if it's too smooth, too logic, too "teflon-like"... then it's a manufactured lie. because humans are messy, particularly in their cognitive functions, particularly when memory is involved. so they probe until they find incongruencies, little things that contradict each other. that's the human reality, that's how it sounds when a human being is trying to recount honestly to another what happened
This is the thing -- everyone has their own "truth" regrettably, and very few things in this world are "definitive."
I think its a choice of what truth do you want to hold onto? Once you have your mind made up, its quite hard to have it changed by external sources, but it is possible -- as I can attest personally.
That being said, my growing apathy and ambivalence isn't that my "truth" has changed, but I am fairly certain that, given the "truth that I hold onto" (e.g., that the EUR is doomed) it (the current set of problems) can only lead to one of a very few conclusions -- and thus, the daily drama of the situation begins to matter very little with time, as the end result would still be the same.
I can remember back in 2012 when I got turned onto ZH from the DT's DISQUS blog - I would almost be beside myself waiting for the imminent failure of the EUR - just for it not to happen. I believe it will happen, but do I think for one second that the ECB cutting the Greeks off from ELA or them missing a bond payment will change the ultimate outcome at all? Nope.
Instead of playing "Where's Waldo" when looking for holes in the EMZ's framework, I would prefer to do other things with my time and enjoy the "good times" while there are still here.
God knows that when the "Good times" end -- it'll be a long time before they come back, and if history is any barometer of the future -- a lot of us won't be here to experience the "good times" again.
With a combination of zero hour contracts and the temptation of student loans the UK government has successfully managed to massage youth unemployment figures down.
Seeing as all the debt is being pushed onto future generations they better find some jobs soon, including the unborn!
The OBR is a total failure, Tories are getting away with massive bullshitting. Take away the 800000 zero hours contracts created, (some people have up to 3 contracts, they are all counted as jobs), and the Tory claim that they are creating 1000 jobs a day turns into fluff. They are also inculding "odd jobs" advertised on "social" job sites in the figures, do the math.
Ye 50%,ye wretched 50%, ye band of brothers....
Be ye ne'er so vile.
Do what needs to be done. Once you get rolling, it'll be a relief.
Ot..whats the US 'youth U E rate' ?
Yes, and what's the fat housewife unemployment rate?
"...and for a answer to this important question, we take you to our man in Detroit."
I travel to Europe 6-7 times a year.
The European youth unemployment numbers are pure bullshit, with the exception of Germany whose citizens stick to the law. I know scores of people, mostly young, who are 'unemployed' receive benefits yet are working under the table on a full time basis.
Europeans are much more cynical than us over here towards their governors. They go around the government, tax avoidance etc. ; the European govt's know this but do not prosecute these people. For one thing there are too many of them and, secondly, it is a a way of life.
explains the billion euro print. first japan to infinity, merica right behind with euro land running to catch up. who is next? china of course, ya know that strong yuan can be a problemo, ha...
quote:
Big deal, that makes you the expert ? 6-7 times a year.
I live here all year around and never get to visit all 30 countries on the list in Europe.
Love to see the real figures with all the propaganda taken out,zero hours,part time,etc.Total BS this lot,can easily triple most of em.
Correct. John Williams over at ShadowStats.com sez real US unemployment is ~ 23%, almost 4x the official rate.
EBT/WIC has made breadlines obsolete, and without them, nobody notices.
Looks like another jobless Keynesian recovery.
Jobs are so old-economy. Now all one has to do is post on Instagram, Facebook and all the other social media site.
where can apply to get paid for posting on ZH ?
anyonebutdebugasforhire@zerohedge.com
Just to give you an idea on how it works: My local fashion chain has a staff capacity of 4/5 members of staff at the busiest time yet they have 31 employees listed on zero rated contracts.
They wait by the phone for an hours work. If they don't answer they go to the bottom of the call list.
All great for government statistics.
+1
Another cogent indictment of global labor arbitrage forced on the world by rapacious trans-nationals and their corrupt political abetters.