Greek unemployment in uncharted territory
This post is a guest contribution by Rebecca Wilder, author of the News N Economics blog.
I’ll first note that the period (.) at the end of 2010 was not in the release, i.e. even the presentation of the data lacks formality. However, the report doesn’t need grammatical bells and whistles for one to see that the economy is disintegrating. According to the labour market, debt deflation, ‘infernal devaluation’ (as Marshall Auerback puts it) is taking its toll on the real economy.
The unemployment rate is (WAY) higher now than it was even before Greece joined the Euro area (2001).
The release also reports the female unemployment rate, which stood at 19.5% in Q1 2011 and up from 15.5% in Q1 2010. Furthermore, the aged 15-29 unemployment rate stood at 30.9% (35.8% for females) in Q1 2011, up from 22.3% in Q1 2010. Key parts of the labour force are being hit harder than others, i.e. young and female versus males aged 30-44.
You wonder who’s rioting? I bet its those younger citizens, 30% of the labour force, that are not working but WANT TO. This is a problem that’s not going to disappear with more austerity.
Source: Rebecca Wilder, News N Economics, June 17, 2010.
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