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

Posted By admin On April 29, 2012 @ 3:59 am In Money Watch | Comments Disabled

SOBER LOOK [1]
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 [2]
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 [3]
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”.


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URL to article: http://www.prisonplanet.com/spains-current-unemployment-rate-exceeds-the-us-rate-during-the-great-depression.html

URLs in this post:

[1] SOBER LOOK: http://soberlook.com/2012/04/spains-unemployment-rate-exceeds-us.html

[2] Image: http://3.bp.blogspot.com/-rxlRBf3BEHs/T5qNZRAJbkI/AAAAAAAAEUI/EmI6bIFek2s/s1600/US%2Bunemployment%2Bduring%2Bgreat%2Bdepression.png

[3] Image: http://1.bp.blogspot.com/-fvsTRmORSVI/T5qPyXygwNI/AAAAAAAAEUc/Kp9sIahSR10/s1600/Spain+unemployment.png

[4] Moody’s predicts default rate will exceed peaks hit in Great Depression: http://www.prisonplanet.com/moodys-predicts-default-rate-will-exceed-peaks-hit-in-great-depression.html

[5] Spain’s Unemployment Rate Rises to One in Four: http://www.prisonplanet.com/spains-unemployment-rate-rises-to-one-in-four.html

[6] CBO: Longest Period of High Unemployment Since Great Depression: http://www.prisonplanet.com/cbo-longest-period-of-high-unemployment-since-great-depression.html

[7] Real Unemployment Rate 14.6 Percent in October: http://www.prisonplanet.com/real-unemployment-rate-14-6-percent-in-october.html

[8] Labor Force Participation Rate Drops To Fresh 25 Year Low, Adjusted Unemployment Rate At 11.7%: http://www.prisonplanet.com/labor-force-participation-rate-drops-to-fresh-25-year-low-adjusted-unemployment-rate-at-11-7.html

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