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Post by jeffolie on Dec 6, 2012 10:35:10 GMT -6
Greek Great Depression now, 2013 Often I posted that Greece was too small to matter to the stability, relative value of the euro and EU. my jeffolie view for years has been that Greece reminded me of a strip mall store which often comes under new managment or changes entirely without much impacting even the shopping ecosystem of just the insignificant strip mall. By comparison, Germany plus the other North EU countries remain the largest, most profitable big mall stores. One in the middle remains a sort of Mervyns .... France which now suffers losses and may eventually collapse when my prediction of the EU implossion starting this year and most likely climaxing in 2014. Greece is too small to be a serious threat economically ... Spain remains the EU's biggest threat because it will collapse French banks followed by Italy's implossion. ============================= Charts Of The Day: Greek Unemployment Hits Escape Velocity 12/06/2012 It took one month for the 2013-2014 Greek medium-term unemployment target rate to be hit. The target rate? A grotesque, all time high 26%. Because as Elstat reports, this is what Greek unemployment already was in the month of September. Which means that at the time Greece was preparing its latest "Third Greek Bailout" projections in November, the rate was already well above the long-term target. Elstat also tells us that in September, the total number of actively employed Greek workers (including government) was a tiny 3,695,053. The number of persons unemployed: 1,295,203, while the inactive ranks swelled to 3,373,692. As a reminder, last month's 25.4% unemployment rate has been promptly surpassed in a few weeks. Finally, that powderkeg of conflict, youth unemployment, was a jawdropping 56.4%. So without further ado, here are the charts that summarize this. www.zerohedge.com/news/2012-12-06/charts-day-greek-unemployment-hits-escape-velocitywww.zerohedge.com/sites/default/files/images/user5/imageroot/2012/11-2/Greek%20Unemployment%20Rate.jpgwww.zerohedge.com/sites/default/files/images/user5/imageroot/2012/11-2/Greek%20Unemployed.jpgwww.zerohedge.com/sites/default/files/images/user5/imageroot/2012/11-2/Greek%20Workers.jpg
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Post by jeffolie on Dec 6, 2012 13:54:24 GMT -6
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Post by jeffolie on Dec 6, 2012 18:13:03 GMT -6
Greek Great Depression now, 2013 Often I posted that Greece was too small to matter to the stability, relative value of the euro and EU. my jeffolie view for years has been that Greece reminded me of a strip mall store which often comes under new managment or changes entirely without much impacting even the shopping ecosystem of just the insignificant strip mall. By comparison, Germany plus the other North EU countries remain the largest, most profitable big mall stores. One in the middle remains a sort of Mervyns .... France which now suffers losses and may eventually collapse when my prediction of the EU implossion starting this year and most likely climaxing in 2014. Greece is too small to be a serious threat economically ... Spain remains the EU's biggest threat because it will collapse French banks followed by Italy's implossion. ============================= Charts Of The Day: Greek Unemployment Hits Escape Velocity 12/06/2012 It took one month for the 2013-2014 Greek medium-term unemployment target rate to be hit. The target rate? A grotesque, all time high 26%. Because as Elstat reports, this is what Greek unemployment already was in the month of September. Which means that at the time Greece was preparing its latest "Third Greek Bailout" projections in November, the rate was already well above the long-term target. Elstat also tells us that in September, the total number of actively employed Greek workers (including government) was a tiny 3,695,053. The number of persons unemployed: 1,295,203, while the inactive ranks swelled to 3,373,692. As a reminder, last month's 25.4% unemployment rate has been promptly surpassed in a few weeks. Finally, that powderkeg of conflict, youth unemployment, was a jawdropping 56.4%. So without further ado, here are the charts that summarize this. www.zerohedge.com/news/2012-12-06/charts-day-greek-unemployment-hits-escape-velocitywww.zerohedge.com/sites/default/files/images/user5/imageroot/2012/11-2/Greek%20Unemployment%20Rate.jpgwww.zerohedge.com/sites/default/files/images/user5/imageroot/2012/11-2/Greek%20Unemployed.jpgwww.zerohedge.com/sites/default/files/images/user5/imageroot/2012/11-2/Greek%20Workers.jpg my jeffolie view: By comparison, Germany plus the other North EU countries remain the largest, most profitable big mall stores. One in the middle remains a sort of Mervyns .... France which now suffers losses and may eventually collapse when my prediction of the EU implossion starting this year and most likely climaxing in 2014. 4.bp.blogspot.com/-nuZZ7227ejk/UMEqbf0PwNI/AAAAAAAAS-A/9mHzEEXM69M/s1600/Markit%2BFrance%2B2012-12-05A.pngDecember 06, 2012 France Unemployment Rate Hits 10.3%, Youth Unemployment at Record High 24.9%; New Business Activity Plunges President Francois Hollande's economically insane policy "Make Layoffs So Expensive For Companies That It's Not Worth It" continues to reap negative rewards. Reuters reports French jobless rate hits 10.3 pct, highest in 13 years France's unemployment rate rose to 10.3 percent in the third quarter of 2012, its highest since the third quarter of 1999, from 10.2 percent in the previous quarter, data published by national statistics office INSEE showed on Thursday. Youth unemployment rose more markedly, with the jobless rate edging up to 24.9 percent, from 23.6 percent, among people under 25 years old. That was higher than any quarter on records going back to the start of 1996. On the non-ILO measure issued by the Labour Ministry, the picture is even bleaker, with October data showing mainland jobless totals at 3.1 million, the highest in 14 years. Francois Hollande, who took over in May as France's first Socialist president in 17 years, has promised to reverse the upward trend by the end of 2013. How high will unemployment rise before it reverses as Hollande promises? While pondering that question, please note the Markit France Services PMI® shows new business falls at sharpest rate since April 2009. Summary French service providers reported another decrease in business activity during November. Although the slowest in three months, the rate of contraction was solid. Underlying the drop in activity was a marked and accelerated contraction of new business. Backlogs of work and employment both decreased, albeit at weaker rates. Composite data showed that business activity across the French private sector fell for the ninth month running in November. The rate of contraction remained considerable, despite easing to the slowest in three months. The level of new business placed with service providers in France decreased for the eighth month running in November. The rate of contraction was substantial, having accelerated to the sharpest since April 2009. Panel members commented that general market conditions remained tough, with clients cancelling projects and making fewer invitations to tender. With manufacturers also registering a steep (albeit slower) decline in new orders, overall new business across the French private sector continued to contract at a marked pace in November. Expect a plunge in GDP and further plunge in employment to catch up to the PMI plunge in the above chart. Read more at globaleconomicanalysis.blogspot.com/2012/12/france-unemployment-rate-hits-103-youth.html#9qT71l5Cgwy1xd4R.99
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Post by jeffolie on May 9, 2013 11:42:00 GMT -6
Greek Great Depression now, 2013 " ... Greek Unemployment Hits New Record High, Youth Jobless Rises By 5% In One Month To 64.2%Often I posted that Greece was too small to matter to the stability, relative value of the euro and EU. my jeffolie view for years has been that Greece reminded me of a strip mall store which often comes under new managment or changes entirely without much impacting even the shopping ecosystem of just the insignificant strip mall.By comparison, Germany plus the other North EU countries remain the largest, most profitable big mall stores. One in the middle remains a sort of Mervyns .... France which now suffers losses and may eventually collapse when my prediction of the EU implossion starting this year and most likely climaxing in 2014. Greece is too small to be a serious threat economically ... Spain remains the EU's biggest threat because it will collapse French banks followed by Italy's implossion. ============================= Greek Unemployment Hits New Record High, Youth Jobless Rises By 5% In One Month To 64.2%05/09/2013 The Greek economic depressionary catastrophe continues to merrily chug along. Hours ago, Greek Elstat reported that February unemployment rose to a new record high of 27.0%, with the January number revised from 27.2% to 26.7%, up from 21.9% in February 2012, and almost as if unlike the Greek BLS is not even trying to fudge numbers anymore and wants to show a deteriorating situation (or, as it was called in the Old Normal - "reality"). www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/05/Greek%20March%20unemployment.jpgThat said, if the numbers were indeed gamed, the Greek statistical bureau had person-level detail: "The number of employed amounted to 3,568,186 persons. ?he number of unemployed amounted to 1,320,189 while the number of inactive to 3,358,649.... The number of employed decreased by 270,766 persons compared with February 2012 (a 7.1% rate of decrease) and by 28,650 persons compared with January 2013 (a 0.8% rate of decrease). Unemployed increased by 245,021 persons (a 22.8% rate of increase) compared with February 2012 and by 11,663 persons compared with January 2013 (a 0.9% rate of increase)." Looking at the Shadow economy, the number of people who are inactive, or "neither worked neither looked for a job", hit 3,358,649. This number is just shy of the total people employed, meaning in 2-3 months, the Greek shadow economy will be greater than the official, taxed-one. A gender breakdown shows that females have never had it worse with 31% unemployment, compared to 24.1% for men. But the most stunning number was the number of unemployed Greek youths (15-24), which hit a record 64.2%, the highest number on record, and a mindblowing 5% increase from the 59.3% youth unemployment reported in January, and a 10% increase from a year ago (and compared to 16.9% in neighboring Turkey). www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/05/Youth%20Unemploymenmt%20Greece.jpgRemember: all those unemployed people according to CNBC are just employed people on the sidelines, and is a bullish sign of pent up jobs. And sooner or later, they will reemerge as victorious workers in some European Kolhoz bringing victory and prosperity to the latest European KomIntern. www.zerohedge.com/news/2013-05-09/greek-unemployment-hits-new-record-high-youth-jobless-rises-5-one-month-642
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Post by jeffolie on Aug 8, 2013 13:32:53 GMT -6
Greek Great Depression now, 2013 " ... Greek Unemployment Hits New Record High, Youth Jobless Rises By 5% In One Month To 64.2%Often I posted that Greece was too small to matter to the stability, relative value of the euro and EU. my jeffolie view for years has been that Greece reminded me of a strip mall store which often comes under new managment or changes entirely without much impacting even the shopping ecosystem of just the insignificant strip mall.By comparison, Germany plus the other North EU countries remain the largest, most profitable big mall stores. One in the middle remains a sort of Mervyns .... France which now suffers losses and may eventually collapse when my prediction of the EU implossion starting this year and most likely climaxing in 2014. Greece is too small to be a serious threat economically ... Spain remains the EU's biggest threat because it will collapse French banks followed by Italy's implossion. Greek Great Depression now, 2013 " ... Greek Unemployment Hits New Record High, Youth Jobless Rises By 5% In One Month To 64.2%Often I posted that Greece was too small to matter to the stability, relative value of the euro and EU. my jeffolie view for years has been that Greece reminded me of a strip mall store which often comes under new managment or changes entirely without much impacting even the shopping ecosystem of just the insignificant strip mall.By comparison, Germany plus the other North EU countries remain the largest, most profitable big mall stores. One in the middle remains a sort of Mervyns .... France which now suffers losses and may eventually collapse when my prediction of the EU implossion starting this year and most likely climaxing in 2014. Greece is too small to be a serious threat economically ... Spain remains the EU's biggest threat because it will collapse French banks followed by Italy's implossion. ========================================================= Greek Youth Unemployment Soars To Record 65%08/08/2013 RIP Greekovery. What little hope there may have been that bad and/or deteriorating Greek economic data had peaked in the early part of 2013 and the country was set for a long overdue "recovery" was promptly extinguished following today's latest release of the Greek May labor force survey. The headline news for the broader population was ugly: •The number of employed was 3,621,153, a decline of 14,889 from April, and down 171,356 from a year earlier •The number of unemployed was a record high 1,381,088, an increase of 43,467 from April, and up 193,668 from a year earlier •The unemployment rate was a record high 27.6%, up from 26.9% in April and 23.8% a year earlier But that was the "good" news. The bad news? Greek youth (15-24 year old) unemployment halted its decline over the past few months only to explode higher from 57.5% in April to a whopping 64.9% in May! Needless to say this is a record high, and means that two thirds of all eligible for work youths can not find a job. That this is the most combustible combination for social upheaval if not war, is well known to anyone who has opened even one history book www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/08/Greek%20Youth%20Unemployment.jpgwww.zerohedge.com/news/2013-08-08/greek-youth-unemployment-soars-record-65
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