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Chart Of The Day

Unemployment in Europe – Still a Disaster

Last week’s employment report and 7% unemployment rate in the USA had many people (including markets) cheering the news.  But here’s something you might not know – while there’s been a seemingly okay recovery in the USA the labor crisis in Europe has actually gotten worse.  Here’s the visual below as well as some interesting insights via SocGen:

  • Unemployment reached its highest level in the eurozone with wide differentials between the different countries in the region.
  • Despite some signs of stabilisation recently in southern eurozone countries, Spanish unemployment is well above 26% whereas the unemployment rate in Germany remains below 7%.
  • Meanwhile, in the US, unemployment levels are improving rapidly and further continued improvements will play a decisive role in any potential tightening move by the Fed.

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