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.