A tale of two speeds

The harmonized OECD unemployment rate is 8% but the Eurozone rate (much of which is included in the OECD figures) is higher at 12%.

The two charts below tell us a few things, firstly is that non-Euro using nations have lower unemployment, and the other is that Europe is in bad shape compared to other countries within the OECD, this could become a structural issue if not resolved soon, and how to ‘fix’ it is a mystery.

The other worrisome factor is that the high point of unemployment in the Euro area is current and not receding as it is in many other countries (Germany being the exception within Europe).

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