Youth unemployment passes 50% in Spain and Greece

[Nova78]

Youth unemployment passes 50pc in Spain and Greece - Telegraph

Youth unemployment now exceeds 50% in both Spain and Greece as the number of people out of work in the eurozone as a whole hit a 15-year high of 17.2million.


The rise in Spain and Greece reflects the deep financial woes of both countries, which are in the midst of far-reaching and highly unpopular austerity programmes, considered necessary by the broader EU to reduce huge deficits.

Spain's unemployment rate now stands at 23.6pc, compared with a eurozone average of 10.8pc. The extent of Spain's problems are further underlined by a housing market in crisis, with prices expected to fall the most on record this year. One-in-four homeowners in the country owes more than their property is worth.

Deep shit heading our way......

 

[waltky]

Eurozone recovery stallin' into recession...

Eurozone PMI points to a recession
Aug. 23, 2012 -- Research firm Markit Economics said business activity in the 17-member eurozone was nearly unchanged in August as it remained in a prolonged slump.

"The index has now signaled a contraction of the eurozone private sector for seven successive months," Markit said. A so-called flash estimate of the region's Composite Output Index, an advanced measure with 85 percent of the pertinent data available, came in at 46.6 in August, showing a slightly slower pace of decline than July, when the index was at 46.5. The breakeven point on the index is 50. Below that point indicates a contraction and the further away from 50 the faster the contraction. Above 50 indicates growth. For service industries, the Purchasing Managers Index in August was estimated at 47.5, a two-month low following July's reading of 47.9. The Flash Eurozone Manufacturing PMI in August came to 45.3 after July's 44.6 reading.

The Manufacturing PMI Output Index for the eurozone also showed slower contraction at 44.6 after a July reading of 43.4. Markit said businesses in the region suffered "a further marked drop in new orders," as new business orders fell for the 13th consecutive month in the 17-member region that shares the euro as currency. The composite index "reinforces the prevailing view of the economy dropping back into recession during the third quarter of 2012," said Senior Economist Rob Dobson at Markit. "Taken together, the July and August readings would historically be consistent with (the) gross domestic product falling by around 0.5 percent to 0.6 percent quarter-on-quarter," he said.

The figures for September would require a "substantial bounce," to put the GDP into the black during the third quarter, he said. In the eurozone's largest economy, Germany, the composite output flash estimate came to 47 in August, a 38-month low following a 47.5 reading in July. Manufacturing in Germany hit a two-month high but remained in contraction with the PMI at 44.6. In the second-largest eurozone economy, France, the composite output flash estimate reached 48.9, which also signaled contraction, but at the slowest pace in six months.

Source

 

[EdwardBaiamonte]

Youth unemployment passes 50pc in Spain and Greece - Telegraph

Youth unemployment now exceeds 50% in both Spain and Greece as the number of people out of work in the eurozone as a whole hit a 15-year high of 17.2million.


The rise in Spain and Greece reflects the deep financial woes of both countries, which are in the midst of far-reaching and highly unpopular austerity programmes, considered necessary by the broader EU to reduce huge deficits.

Spain's unemployment rate now stands at 23.6pc, compared with a eurozone average of 10.8pc. The extent of Spain's problems are further underlined by a housing market in crisis, with prices expected to fall the most on record this year. One-in-four homeowners in the country owes more than their property is worth.

Deep shit heading our way......

our options are capitalism or socialism. Can you guess which works and which doesn't.

 

[CrusaderFrank]

That's Obama's second term goal for the USA

 

[EdwardBaiamonte]

That's Obama's second term goal for the USA

Who can blame him. FDR kept the Depression going for two terms and became the greatest liberal hero of all.

 

[Ariux]

Who can blame him. FDR kept the Depression going for two terms and became the greatest liberal hero of all.

Extending recessions and starting wars are two things that always makes a president popular.

 

[EdwardBaiamonte]

Who can blame him. FDR kept the Depression going for two terms and became the greatest liberal hero of all.

Extending recessions and starting wars are two things that always makes a president popular.

They would make a Democrat president popular as in the case of FDR.

 

[daveman]

EU youth unemployment is high because of George Bush. During Obama's second term, he'll fix it.

Right, USMB Obamabots?

 

[EdwardBaiamonte]

EU youth unemployment is high because of George Bush. During Obama's second term, he'll fix it.

Right, USMB Obamabots?

Yes, I like the way liberals want to hold Bush responsible for what happened during his presidency but not hold Barry responsible for what happend during his.

 

[Ariux]

In Greece and Spain, who's working at all the minimum-wage, dead-end jobs, like fast food?

 

[martybegan]

Youth unemployment passes 50pc in Spain and Greece - Telegraph

Youth unemployment now exceeds 50% in both Spain and Greece as the number of people out of work in the eurozone as a whole hit a 15-year high of 17.2million.


The rise in Spain and Greece reflects the deep financial woes of both countries, which are in the midst of far-reaching and highly unpopular austerity programmes, considered necessary by the broader EU to reduce huge deficits.

Spain's unemployment rate now stands at 23.6pc, compared with a eurozone average of 10.8pc. The extent of Spain's problems are further underlined by a housing market in crisis, with prices expected to fall the most on record this year. One-in-four homeowners in the country owes more than their property is worth.

Deep shit heading our way......

That kind of makes me depressed, one for the unemployment, and two for the fact that 100 years ago that level of inactivity would have led to revolutions. I guess the youth of today in those countries is placated by the bread and circuses of thier welfare state, but how long can that last?

 

[EdwardBaiamonte]

I guess the youth of today in those countries is placated by the bread and circuses of thier welfare state, but how long can that last?

it will always last because we have now seen many many liberal revolutions come and go and yield nothing. For now the battle is an intellectual one between capitalism and socialism with the youth largely undecided and thusly rendered impotent.