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Spain’s current unemployment rate exceeds the US rate during the Great Depression

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SOBER LOOK
April 29, 2012

The latest Spanish unemployment rate was published today. There isn’t much one can say about it other than to draw the following parallel.

Here is the chart of US unemployment rate going into the Great Depression: it maxed out at 21% – 22% (early to mid 30s).

Spains current unemployment rate exceeds the US rate during the Great Depression US%2Bunemployment%2Bduring%2Bgreat%2Bdepression
US unemployment rate (source: Wikipedia)

This is Spain’s unemployment rate now: 24.4%.

Spains current unemployment rate exceeds the US rate during the Great Depression Spain+unemployment
Spain’s unemployment rate (source: INE)

Even with last night’s downgrade of Spanish government debt to BBB+, given these unemployment figures it is hard to see how these bonds could still be classified “investment grade”.

This article was posted: Sunday, April 29, 2012 at 3:59 am





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