European Unemployment
March 5th, 2013 at 4:00 pm by David FarrarThe NY Times reports:
Unemployment in the 17-nation euro zone climbed to 11.9 percent in January from 11.8 percent the previous month, according to Eurostat, the statistical office of the European Union.
For the 27 nations of the Union, the jobless rate in January stood at 10.8 percent, up from 10.7 percent in December. All of the figures were seasonally adjusted.
Even though the EU is not that major a trading partner for us anymore, their woes will impact us. If Europeans are unemployed they are not spending money on imported goods from China. If the Chinese economy doesn’t grow as quickly as previously that impacts us both directly and via Australia.
The official stats say:
Compared with a year ago, the unemployment rate increased in nineteen Member States, fell in seven and
remained stable in Denmark. The largest decreases were observed in Estonia (11.1% to 9.9% between
December 2011 and December 2012), Latvia (15.5% to 14.4% between the fourth quarters of 2011 and 2012),
Romania (7.4% to 6.6%) and the United Kingdom (8.3% to 7.7% between November 2011 and November 2012).
The highest increases were registered in Greece (20.8% to 27.0% between November 2011 and November 2012),
Cyprus (9.9% to 14.7%), Portugal (14.7% to 17.6%) and Spain (23.6% to 26.2%).
The NZ unemployment rate is 6.9%. Too high, but better than most of Europe.
March 5th, 2013 at 4:14 pm
It is interesting to note that the worse unemployment record tends to be in places where labour-style tax and spend socialism is followed.
Vote:The results show that if Labour was elected here, Shearer and the Greens would make matters far worse.
Australia performs only better because it is China’s quarry. The non-mining sector is suffering badly.
Australia performs better desite Juliar Gillard and Liarbor not because of them.
March 5th, 2013 at 4:16 pm
Ha! Yeah Fairfacts, that Greek austerity was really tax and spend. Nice crowbarring ignorance to fit your own perspective.
Vote:March 5th, 2013 at 4:18 pm
You’re damned right its too high.
Vote:March 5th, 2013 at 4:18 pm
The EU experiment is falling apart at the seams while the Left continues to claim victory.
Vote:March 5th, 2013 at 4:21 pm
Next will come the bit where they start blaming foreigners for coming into their country, taking their jobs…
Vote:March 5th, 2013 at 4:22 pm
David c – the Greeks have run into the need for austerity because they HAVE taxed and spent until there’s nothing left…
March 5th, 2013 at 4:24 pm
BBC covered today the retiring Chinese Peremier’s handover speech. It was of interest to hear him report “a 3% annual growth rate this year, a rate above those of most of the other larger trading nations”.
Note 3% ! … a far cry from the 6 to 8%’s of recent years.
If the eurozone is sick then China is “ailing” also … comparatively and historically speaking.
Vote:March 5th, 2013 at 4:28 pm
Why is anyone surprised? The EU is a socialist construct and is bringing the same outcomes as socialism always has. Financial ruin, hardship and a bleak depressed morale amongst the people.
You would think the Europeans would know this better than anyone !
Vote:March 5th, 2013 at 4:39 pm
Why do you people ignore facts?
Vote:March 5th, 2013 at 5:00 pm
13 Feb 2013 … Unemployment Rate in Switzerland increased to 3.40 percent in January of 2013 from 3.30 percent in December of 2012.
We have become accustomed to Labour politicians and some Tory ones, too, spouting that university education is vital for economic success. The Swiss example is an illustration that this theory is nonsense. While Tony Blair was claiming that half of young people must go on to university for economic success, Switzerland was and remains content to have a mere 24 per cent doing so. It has, at the same time, achieved much greater economic prosperity. Education is only compulsory until the age of 15, yet the vast majority keep going voluntarily because the schools, colleges and universities are good.
Most of the other three quarters of students progress from school to vocational training. They don’t do airy-fairy theory. The training typically consists of one and a half days a week at college and the other three and a half at a commercial company. This truly prepares people with the skills and attitudes desirable for a successful career. The result? Switzerland has only 4.5 per cent youth unemployment compared to 18 per cent in France where they have the supposedly economy-boosting 50 per cent of students at university.
Vote:March 5th, 2013 at 5:18 pm
Singapore-
With the high employment creation, the seasonally adjusted overall unemployment rate dipped to 1.8% in December from 1.9% in September 2012. The decline in unemployment was also seen among residents from 2.8% to 2.6% and citizens from 3.0% to 2.9%. For the whole of 2012, the annual average unemployment rate remained at a low of 2.0% for overall and 3.0% for citizens, unchanged from 2011; while the resident unemployment rate dipped to 2.8% from 2.9%.
Vote:March 5th, 2013 at 5:18 pm
Just keep voting for socialism morons..!!
Vote:March 5th, 2013 at 5:23 pm
Spanish unemployment for under 25yr olds was 49% a few months back. This is a European country with government waste outdone only by Greece.
Billions wasted on housing program’s where whole complexes sit empty.
Billions wasted on wind and solar energy schemes in the vacuous hope of creating ‘green’ jobs when the result was a loss of jobs.
Of course, our sleepy, can-do little country is on the same trajectory as successive elections have seen voters auction their allegiance to the highest bidder, thereby ensuring out state becomes bloated, while business and enterprise are smothered.
Vote:March 5th, 2013 at 5:36 pm
David c – DPF has blogged right here on this site details of how grossly unsustainable Greek state spending has been. But in your mind the “facts” are that heartless Tories turned off the magical govt money tap for no good reason, right?
Vote:March 5th, 2013 at 5:37 pm
I doubt it affects us much.
China buy our milk powder — european unemployment will not affect that. China still needs to eat.
Vote:March 5th, 2013 at 5:40 pm
Stupid fucking Keynesians. Instead of pumping to stimulate demand they should focus on how to stimulate production.
Vote:March 5th, 2013 at 5:57 pm
The way to stimulate production is to fire the bureaucrats and politicians.
Think it will happen?
Like turkeys will vote for thanksgiving.
Vote:March 5th, 2013 at 7:29 pm
All_on_Red: Absolutely! Look around Europe. Countries that have a bias for production are propping up those that have a bias for consumption
Vote:March 5th, 2013 at 9:01 pm
The road to serfdom is being played out in Europe.
Anyone offering state solutions to state created economic & social problems is a fraud.
Vote:March 6th, 2013 at 12:23 am
The budget cuts reduce consumer demand across Europe as they seek to reduce government as a share of GDP (reduce public debt per GDP). So far they are making (mostly) the required cuts to public spending and entitlements but without reducing budget deficits (or their debt per GDP because GDP is falling).
The reduced consumer demand means growth can only come from exported production – but the Euro zone is still in recession. The only thing likely to grow in the near term is immigration from Eastern Europe into the UK causing a benefit cost blowout.
Vote:March 6th, 2013 at 12:51 am
What should happen is that the Eurozone should have a common debt cost. The stimulous of lower debt cost across southern Europe would balance the budget programmes – falling budget deficits, lower debt per GDP, a way out of the impasse. Whether France and Germany would accept a common debt cost at a higher rate c4% is another thing.
The status quo – Germany exploiting the Euro to remain competitive while paying under c2-3% on its 90% GDP public debt – results in a zone of nations dependent on another for their periodic bailouts on terms dictated to them. This is not a democratic regime.
Vote:March 6th, 2013 at 1:17 am
Germany exploiting the Euro to remain competitive while paying under c2-3% on its 90% GDP public debt – results in a zone of nations dependent on another for their periodic bailouts on terms dictated to them. This is not a democratic regime.
Why would the Germans want it any different? this is a much easier (and cheaper) way to achieve their goals than panzers and stukas!!
Yu don’t vant to pay zee bills? vee own you bitches!!
Vote:March 6th, 2013 at 7:06 am
6.9% too high? I think you’ll find its pretty close to our 25 year average.
Vote:March 6th, 2013 at 4:56 pm
shunda
The EU is not really a German project to control Europe. That is a French goal.
The Germans are now in a position of advantage because,unlike the French, they work for a living and make things that other countries need.
And unemployment in Europe is very huigh due it’s human rights and equality agenda whereby foreigners have taken advantage of everything good there.
Spain granted something like 2 mass amnesties for illegal immigrants ,mainly from South America and Africa. Equality for criminals not citizens !
Vote:March 6th, 2013 at 5:10 pm
kowtow, the French project is to include and co-opt Germany within their Europe, this allows Germany to have a form of political supremacy through the economic dependence of weaker nations. This will be exercised each time there is a recession and weaker members cannot meet terms of membership of the Eurozone or need special help etc.
Effectively the French noted what American dollar imperialism was and co-opted the DM/now eurozone as a partner in the rule of Europe.
The low interest rates for the USA of the dollar regime, now apply to a favoured few nations in Europe. This despite the Germans having debt at 90% GDP.
Vote: