Wednesday, December 1, 2010
For the same group of countries as yesterday, here is the unemployment rate since 2000.
You can see that the PIIGS countries all range from bad to terrible. Both Spain and Ireland look dreadful with unemployment very high and still no clear sign of even stabilizing, let alone recovering. Greek unemployment is increasing rapidly, and both Italy and Portugal, although not as high, look like they could still go higher.
By contrast, French unemployment clearly appears to have stabilized, and German unemployment is low and falling.
I imagine there will be major political shifts in countries with unemployment this high.