Friday, December 14, 2012

PIIGS Unemployment

The latest unemployment data for Greece is in, and, as suspected, the September unemployment rate exceeded that of Spain in the same month.  Also, on Eurostat's front page was an interesting article about the 1.7% month-over-month decline in non-construction industrial production in the Euro Area countries.  I suspect that if construction were counted then the overall production index would be lower.  Spain has been particularly hard hit by construction unemployment, and so have other countries dealing with the effects of a deflated real-estate bubble.
Unemployment continues its near exponential run in Greece (data for Greece runs through September, October for all others).  Italy's unemployment rate has increased slightlyt while Spain continues past 26%.
Industrial production continues to fall since the summer of 2011.  Of the PIIGS, only Italy saw a month-over-month reduction in industrial production; positive month-over-month change for the rest.  Though, of the PIIGS, only Greece saw a positive year-over-year change.

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