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
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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