We got a boatload of horrible economic news from Europe this morning, starting with unemployment.
Unemployment for the Eurozone as a whole rose to 10.9%, a new high.
Unemployment in Spain, meanwhile, rose to a shocking 24.1% from 23.8%, with an even more startling 51% youth unemployment rate.
You can’t really compare unemployment rates across countries and time frames, because the methodologies used are so different. And, as Joe Weisenthal points out, the number of off-the-books workers in Spain and the Eurozone is probably enormous.
But, for what it’s worth, Spain’s reported unemployment rate is now nearing the 25% unemployment rate reported in the U.S. during the Great Depression.
Photo: Google, Eurostat
US UNEMPLOYMENT IN THE GREAT DEPRESSION