Here are some unemployment charts I put together via Ycharts.
Youth Unemployment Rates US vs. Europe
Spain and Greece have youth unemployment over 50%. Germany, at 7.9%, has the only youth unemployment rate under 10%. US has second-best 16.8%, nothing to brag about except in relative terms.
Unemployment Rates US vs. Europe
Once again, notice the tight clustering at the start of the recession vs. the huge spreads today. As with youth unemployment, Spain and Greece lead the pack with overall unemployment rates above 25%.
Youth Unemployment Rate Percentage Change US vs. Europe
In percentage terms, Germany is the only country with falling youth unemployment. US youth unemployment is up 58.56% in five years.
Unemployment Rate Percentage Change US vs. Europe
In percentage terms, Germany is the only country with falling overall unemployment in the last five years. German unemployment has fallen by 32.05% in five years, while US unemployment is up 50.98% in the same time frame.
The Disability Connection
Since late 2009 US unemployment has dropped, but much of that is a mirage based on people dropping out of the labor force at a staggering rate, with many going on disability.
For the disability connection please see Unwilling to Work; 25% in Hale County AL Collect Disability, 14 Million Nationwide; A Simple Solution.
Looking ahead, I expect the unemployment picture in Europe to worsen dramatically. Germany will not be immune. For an explanation, please see Eurozone Downturn Accelerates Despite German Growth; Divergence to France Widest in 15 Years
The global “recovery” is over, even though economists in general refuse to make note. So don’t expect the US to be immune from rising unemployment either, no matter how much Bernanke floods the system with QE.
Mike “Mish” Shedlock