International Unemployment Rates, 2007
The chart above reflects international unemployment data released today by the BLS here and here. As the data show, the U.S. unemployment rate of 4.5% for 2007 and the labor market look pretty good in comparison to other advanaced economies, despite what some considered to be a "dismal employment report" last Friday. For example the U.S. jobless rate is 2.6% below the EU average of 7.1%, more than 4% below France, Germany and Greece, more than 3% below Portugal, Spain and Belgium. In fact, even our state with the highest unemployment rate for 2007, Michigan at 6.9%, is below the EU average of 7.1%. In other words, the U.S. state with the worst economy and labor market conditions, is still better than the average European country, in terms of jobless rates.
9 Comments:
I find it interesting how all of a sudden we can use this one variable as "the" economic canary in the coal mine. What about the dislocated persons that are underemployed and employed below the poverty level?
I am curious whether factors such as the number of people incarcerated and illegal aliens being counted as employed citizens were taken into account?
If we assign an incarceration rate similar to say Italy (100/100,000 vs 702/100,000 for the U.S.) and make a reasonable assumption that there are 5 million illegal aliens working in the U.S. and those jobs are counted then the unemployment rate might in reality be higher for U.S. citizens.
I'm not saying our unemployment rate is skewed lower but just that all factors need to be considered before proclaiming that our team won.
Mark,
In the netherlands, there are about 290.000 people receiving benefits for unemployment from the government.
About 50.000 people for less than a year, about 240.000 more than a year.
How do these numbers compare?
I don't know if you read dutch, but here is the report from the cbs, the government statistical service:
http://www.cbs.nl/NR/rdonlyres/E3BB7082-F95B-49F0-9CA9-91D086A2CEDA/0/pb07n063.pdf
"What about the dislocated persons that are underemployed and employed below the poverty level?"...
Whose fault is it that these people choose to be underemployed or employed at the poverty levels?
If these people have no useful job skills should they be employed at high pay rates anyway?
"reasonable assumption that there are 5 million illegal aliens working in the U.S. and those jobs are counted then the unemployment rate might in reality be higher for U.S. citizens"...
Hmmm, there's really no excuse for these illegals to have the job in the first place other than sloth on the part of American citizens, so what's your point?
We will have to hope that Juandos's Social Security checks are being sent back to The Department of the Treasury since he is such a financially conservative individual. Considering his retiring generation is one of the largest expense lines on our social services system currently.
"We will have to hope that Juandos's Social Security checks are being sent back to The Department of the Treasury since he is such a financially conservative individual."
Letting other people keep your money is not the same as being financially conservative. That would be closer to robbery.
The federal government took 12.4% of Juandos's paycheck each month. They are now sending that money back to him from the social security department.
So in addition to paying income taxes at up to 35%, Juandos paid 12.4% in FICA taxes.
It is not financially conservative to let someone take 47% of a dollar you worked 10 hour days to earn.
Your real complaint should be the fact that every congress for the last 30 years has spent the social security surplus in the general budget.
I would be put in jail if I used my employees' pension plan money to remodel my office. But the rules don't apply to congress - only to everyone else.
And now you want these financial geniuses to take over the health care system?
James said:
"I find it interesting how all of a sudden we can use this one variable as "the" economic canary in the coal mine."
Since when does the unemployment rate NOT matter anymore?
Show me the reports in the media from the 90's about the "dislocated persons that are underemployed and employed below the poverty level?"
I bet that I could find numerous reports in the media from the 90's about the relatively low unemployment rates at that time - rates that were higher than today.
Fortunately for both of us Bob, the "media" does not act as a very good economist. (By the way Bob, you and I are media) However, depending on the current administration or situation we seem to rally around one figure in the entire equation to show success. When is the last time you have heard anyone bragging about the GDP?
Lets not let "vision" over ride true intelligence. Remember that idiot and ideology are closely related terms.
Well geez James! What makes you think that I want to collect SS in the first place?
What makes you think I'm going to need the fruits of that socialist Ponzi scam in my old age?
I don't know this for a fact but I'm fairly certain that considering the financial trouble that the federal socialist programs are in and will be in deeper in the next decade or two, "means testing" regardless of what a person had extorted from him or her will be the criteria on who receives SS or any of the rest of the socialist nonsense the feds push...
James you sure don't have any embarrasment in jumping to some unsubstantiated assumptions...
Hey James, don't you think its time, well past time for you to start doing a bit of homework before your foot makes yet another leap into your mouth?
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