The employment situation in Europe is a disaster.
In his speech at Jackson Hole, European Central Bank president Mario Draghi presented seven charts on the state of employment in the Eurozone, but these two really bring home how awful the situation really is.
The first chart shows the difference in the unemployment rate between Europe and the U.S., and the second shows the change in unemployment rate by sector and education.
Basically, if you’ve attained a minimum level of education, or you’re working in the industrial or construction sectors, you’ve been totally hosed since the sovereign debt crisis.
And while unemployment in some areas of the European economy have been hit particularly hard, as Draghi said at the top of his speech: “No one in society remains untouched by a situation of high unemployment.”