Monday, December 17, 2012

PIIGS Unemployment

The above shows the latest data on unemployment in the distressed Eurozone countries.  Ireland seems to have at least stabilized, but not started to recover.  Everywhere else still seems to be actively getting worse.  Greece and Spain in particular are vying for who can dive into the abyss faster.

This has got to be the largest policy failure in the developed world since the second world war.  While Europe is less prominent in the news presently, these countries cannot be considered safe or stable as long as their unemployment curves are doing this.

1 comment:

Kostas Kalevras said...

Regarding Ireland, during 2010 - 2012 net migration has been 89,3000 people. That is more than 4% of the current labour force, a significant number.

Another large part of the difference is accounted by the fact that industry employment is 75% of its peak in Ireland and 64% in Greece, most possibly due to the different production base in the Irish case.