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This is true, and we have documented and discussed the weaknesses of the unemployment rate as a metric here on ET for years now. But the point of the comparison of those two charts is not the relative size of the (purported) US figures compared to the Eurozone, but their relative homogeneity. This is interpreted by the RBS tweet as evidence that the US is a genuine OCA, which Coppola disputes.

How much bumpier would the US chart look if the unemployment rate were properly calculated? And how much less bumpy would the EZ chart look?  

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Apr 20th, 2015 at 03:11:22 AM EST
[ Parent ]
Point taken.

To this point. I think that factor mobility is the issue more so than the spread. So the real question is whether there is a tighter correlation between unemployment disparities and people moving, aka labor mobility.

There are statistics for this. That would be a better answer.

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 Mon Apr 20th, 2015 at 12:05:43 PM EST
[ Parent ]


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