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It's really much worse when you look at the state level.

I mocked up the state level returns, Europe and the US look virtually identical.  And France and Italy are floating just under 8% right now, and remember that EU numbers are more comparable to the US u-6 figures that place current US unemployment at +13%.

The US numbers are from the Bureau of Labor Statistics (BLS) and the EU figures come from Eurostat.

It's Spain and Portugal that make it look so bad, and the truth of that is that a lot of underground employment of people on unemployment rolls happens in those countries.  Something like 10% + of the Spanish economy is underground.


And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg

by ManfromMiddletown (manfrommiddletown at lycos dot com) on Fri Jan 9th, 2009 at 05:51:38 PM EST

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