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Presenting Spain's "Part-Time" Recovery
Spain's economic data lost all credibility once the local bureau of economics, statistics and other goalseeked numbers decided to arbitrarily start adding what it estimated was the "contribution" from not only local drug dealers but also hookers. No surprise then that the government has proudly declared quarter after quarter that Spain is one of Europe's most boom economies. And yet, while the GDP data was clearly fabricated, Spain's job numbers did seem impressive. And then we looked at the following chart of full-time versus part-time Spanish workers, and it all quickly fell into place.
Courtesy of Stratfor, here is how Spain is desperately seeking to recreate America's part-time recovery, although unlike the US which has Obamacare to thank that 8 years after the start of the depression, full-time jobs still have to surpass their prior peak, it is not quite clear why Spain which boast almost daily of the strength of its economy is stuck in the same "part-time" rut.
From Stratfor, the Rise in Part-Time Positions Will Hinder Recovery in Spain
Six years into the economic crisis, the Spanish economy is finally seeing some decent growth. During the first quarter of the year, Spain's gross domestic product grew by 0.9 percent and, as Madrid recently said, it expects annual growth to be close to 3 percent. The country has also seen a drop in its unemployment rate, with Eurostat reporting 25.1 percent a year ago and 23 percent in March. Although the next government in Madrid will be met with a slightly improved macroeconomic situation, abnormally high unemployment rates and a rise in part-time and temporary positions will continue to threaten the country's economic recovery, and decision-making will become more complex as the year progresses.
Many Spaniards are afflicted by precarious and temporary employment. According to official figures, only one in 10 work contracts signed in March were for permanent positions. The number of temporary contracts is growing twice as fast as permanent contracts. During the first quarter of 2015, the number of people working on temporary contracts grew 5.42 percent year-on-year, while the number of permanent contracts grew only 2.71 percent.
Spain is also experiencing a rise in part-time jobs. During the first quarter, the number of people working full-time jobs grew 2.91 percent year-on-year, while the number of people working part-time jobs grew 3.83 percent. Almost two in 10 workers in Spain work less than 35 hours a week. This is not unusual in Europe, with countries such as the Netherlands having higher part-time work rates. However, the situation in Spain is not by choice, and most part-time workers would prefer a full-time position.
Statistics from Spain's Ministry of Employment also reveal the three most common jobs held in the first quarter of 2015 were agricultural laborers, waiters and cleaners. In April, the month tourism season begins in Spain, almost half the new jobs were in hotels — mostly contractual positions set to end later in the year.
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On every traffic circle in rural Spain you can find a least four hookers.
A big boobs eh, boost for the economy.
And yet, the Spanish government is paying less than 2% for 10 years.
Makes no sense.
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My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... www.jobs-review.com
Spain is a whole nother animal compared to Greece. The mind-set is the same though, laid back.
Not if but when Spain blows, Santander will bring the house of cards down. LA Rouche has been talking about the Santander time-bomb since 2009-10.
Boom!
Yes, Espana will blow sooner or later. Beautiful country, that. Great food, culture with a real sense of history and civility. And, as almost everywhere else, a bad government.
I wonder why? Could it be Socialism?? That can't be, socialism promised prosperity and stability. I don't understand... Or could it be that the social scientist were full of shit?
I was in Spain a few months ago and Madrid was as busy as ever. But I read during the trip that many millions of Spaniards had left the country because there were no jobs
So what you see are those who still have jobs. So you get a false sense of prosperity
We must remember that even during the Great Depression, most Americans still had jobs. The main difference is that government has developed systems that more easily conceal the effects of unemployment, forcing the costs onto those who remain employed. And we wonder why our incomes have stayed flat.
And we are the "miracle" of Europe so go figure
The British government has incentivised exactly the same behaviour. Zero hours contracts often replace one worker with 3 or 4, hours are in effect shared but all are considered employed. Also companies are paid to take on 'apprentices', which more often than not is just a sham to avoid paying minimum wage and reduce youth unemployment. I know of one company which turned a 12 hour weekend training course into a year long apprenticeship... Paying £2.85 per hour and receiving £2000 from the government for doing so.
The true scale of unemployment in the UK and many European countries is conveniently hidden.
It's hidden in the US as well. The unemployment rate is a very political number.
If they told the truth, who would conitnue to vote for this crap?
It would seem far better to "share" employment than "share" wages, having one do the work while three are paid. The math may be the same but paying people NOT to work does far more damage than simple poverty.
"Work contracts"? Is that some european socialist thing? Unless you're a pro athlete, who in the U.S. has to sign a contract in order to work?
The Socialist Labour laws have made full-time employment provision extremely expensive for employers (pensions, No-sacking, tribunal claims etc etc). So the only way to provide jobs is to issue them as contracts (ie: I will pay $10,000 for you to plough my fields for 6months). You thus work as a contractor just like a plumber installing a water system, for a fixed ageed fee. You dont get paid by the hour and the employer doesnt get crucified by the socialist anti-employment laws. The stupid laws have driven down full-time hourly employment by creating huge uncertainly and liabilities for employers. Answer - everyone is becoming a contractor. No surprises, our economies are being killed by big brother Govts.