Sunday, September 9, 2012

24.4 percent unemployment in Greece

Where jobs aren't: Spain, Greece, some surprises


Sept. 8, 2012, 7:22 p.m. EDT

Where jobs aren’t: Spain, Greece, some surprises

Latest data keep Greek economy high on ignominious list

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By Jon C. Ogg
NEW YORK (24/7 Wall St./MarketWatch) — This week’s economic- and market-news headlines have been dominated by Mario Draghi’s bond-buying program and then by a decline in the U.S. unemployment rate to 8.1%, despite an addition in August of only 96,000 jobs. What was hardly covered was the record-high unemployment rate of Greece.

Reuters
Manuel Sastre, 59, smokes a cigarette as he asks passersby for money in central Madrid in July.
In that troubled country, the official unemployment rate hit 24.4% in June after an already dismal reading of 23.5% in May.
24/7 Wall St. wanted to know something else, and not just on Greece and how its massive unemployment rate has risen. We want to know which countries join Greece on the world’s-worst-unemployment-rates list. And Greece is not even the worst.
It is important to recognize that the situation in Europe has likely gotten worse since the last national unemployment reports, so it will not be a huge shock if that dismal figure from Greece (and elsewhere) gets even worse for July and for August. European Central Bank chief Draghi’s pledge to do whatever it takes came roughly a month after the end of June. The global growth story has still been slowing elsewhere, too.
In order to qualify for the rankings below, a country had to be economically important enough to be covered in the global economic charts published each week by the Economist. This, of course, omits many smaller economies where unemployment pressure may be very high.
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Where jobs aren't: Spain, Greece, some surprises

So, basically Greece is now where the U.S. was during the Great Depression in regard to Unemployment at least. Because the U.S. then was at 25% average unemployment at that time nationwide. So, 8.1 percent unemployment nationwide right now is much better in comparison to Greece and Spain and others including where we were during the 1930s.

 

 

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