This Is Europe's Scariest Chart

Surging Greek and Portuguese bond yields? Plunging Italian bank stocks? The projected GDP of the Eurozone? In the grand scheme of things, while certainly disturbing, none of these data points actually tell us much about the secular shift within European society, and certainly are nothing that couldn't be fixed if the ECB were to gamble with hyperinflation and print an inordinate amount of fiat units diluting the capital base even further. No: the one chart that truly captures the latent fear behind the scenes in Europe is that showing youth unemployment in the continent's troubled countries (and frankly everywhere else). Because the last thing Europe needs is a discontented, disenfranchised, and devoid of hope youth roving the streets with nothing to do, easily susceptible to extremist and xenophobic tendencies: after all, it must be "someone's" fault that there are no job opportunities for anyone. Below we present the youth (16-24) unemployment in three select European countries (and the general Eurozone as a reference point). Some may be surprised to learn that while Portugal, and Greece, are quite bad, at 30.7% and 46.6% respectively, it is Spain where the youth unemployment pain is most acute: at 51.4%, more than half of the youth eligible for work does not have a job! Because the real question is if there is no hope for tomorrow, what is the opportunity cost of doing something stupid and quite irrational today?

Comments

[SmoothCoolSmoke]

My question: What are they waiting for?  Things to get WORSE before they take to the streets?

[shutdown]

Ah, the insanity of mass immigration.

There are currently 6,400,000 immigrants now living in Spain, plus another million living under the radar. With youth unemployment over 50%, why does Spain continue to import foreign workers, mostly from outside the EU? Wouldn't this be a good time to say good bye to a few million? 

[AnAnonymous]

Made me laugh.

Actually, all those US citizen unemployed are going to pour into other countries to learn those countries how to develop.

[Alpacanio]

Not to worry. Those youth will have a job fighting in WW III...

[chindit13]

There are times when one's own situation, whether one has some wealth or arable land and such, offers little solace.  I did not enter the work force in the best of times, but things did eventually improve and I was able to take on life's challenges with a bit of optimism.  I do not think improvement in circumstances is on the horizon for a whole generation of youth, in Europe or elsewhere.  One has to feel some sadness for that, and for what joys they might not ever know.  Inevitable or not, I do not welcome what seems to be coming and for what I have done my best to prepare.

[RopeADope]

This data has not been massaged so keep that in mind.

Using 2010 Employed / Total Population for Spain gives an employment rate of 58.55% which has been broken down by age range. This was when Spain's Unemployment Rate was at 20.5%

15-19 6.69% 20-24 40.69% 25-29 64.92% 30-34 71.55% 35-39 71.85% 40-44 71.32% 45-49 70.43% 50-54 65.99% 55-59 54.38% 60-64

32.00%

                 

[RopeADope]

From data at this source.

http://epp.eurostat.ec.europa.eu/portal/page/portal/employment_unemploym...

[RopeADope]

Age breakdown of employment rate of total population through Q3 2011. Note the drop in the 20-24 age group.

15-19 7.09% 20-24 37.52% 25-29 63.69% 30-34 70.33% 35-39 71.72% 40-44 70.33% 45-49 68.66% 50-54 65.59% 55-59 55.36% 60-64 32.97%

[RopeADope]

Comparing Q3 2010 to Q3 2011 for ages 20-24.

Q3 2010 42.59% Employment Rate

Q3 2011 37.52% Employment Rate

It is not seasonal factors decimated this group's employment rate.

[mraptor]

USA scariest  chart  (SGS, not the fabricated gov stat):

http://www.shadowstats.com/alternate_data/unemployment-charts

[CitizenPete]

Some  US unemployment numbers by age (Source: PRB.org)

http://www.prb.org/images11/us_unemployment_age_groups.gif

[Pretorian]

This chart is not right. 16 years old or 17 dont work in EU like in US>

[onebir]

Maybe US-Europe scariness comparisons along these lines should be firearms-availability adjusted...

[americanspirit]

http://www.bbc.co.uk/news/business-16787761

Catch the line in there about 150 million euros a year in subsidies from the PROVINCIAL government to keep this turd in the air? Everything that depends on subsidies, in Spain and the rest of Europe, which is just about everything in Spain and the rest of Europe, is about to go out of business. Old rule - if it doesn't work without a subsidy, it isn't a business.

[MacedonianGlory]

The European vision becomes reality

[MacedonianGlory]

The European vision becomes reality

[magellan.s..head]

is there a similar chart from shadow^stat ?

[BaronG]

TD - do these rates include students?

[Archduke]

For elisabeth warren fans, it's interesting to look at stats with respect to gendger and change in density and age, 

http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/Unemploy...

http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/Populati...

[Gelir]

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[casamader]

 have, however, noticed a marked increase in young Spaniards begging outside of supermarkets though at least they're not resorting to crime in this area ... yet. 

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