The unemployment rate in advanced economies plunged sharply since the global financial crisis

Folks in advanced economies seem to be getting back on their feet.

In a recent note to clients, Bank of America Merrill Lynch’s global economist Ethan S. Harris shared a chart showing that the unemployment rate for advanced economies plunged sharply in the years since the global financial crisis, and is now around its 35-year average.

However, he adds that although things have improved for most developed markets, peripheral Europe remains a big exception.

Moreover, we should note that the youth unemployment rate is still astonishingly high in many of these places.

For example, according to International Labour Organisation’s estimates for 2014, France’s youth unemployment rate was around 25.3%, Portugal’s was around 35.9%, Spain’s was at 58.2%, and Greece’s was at a whopping 64.8%.

In any case, check out the chart below.

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