Eurozone Unemployment Hits Record High, 2 Speed Europe

The eurozone unemployment rate was 11.4pc in August, up from 10.2pc last year. Data from the EU statistics agency Eurostat estimated that 25.5m men and women were out of work over the period, 18.2m of whom were in the eurozone.

The overall unemployment rate in Spain has reached 25.1pc, while the latest data from Greece for June shows a figure of 24.4pc. The outlook is far more optimistic in Germany, however, where just 5.5pc of people are out of work.

Youth unemployment in the eurozone is stable at 22.8pc, down slightly from 22.9pc during July, but up from 20.7pc year-on-year.

More than half of those under 25 living in Spain are now unemployed, with a rate of 52.9pc in August. The latest figures from Greece again date back to June, but show that 55.4pc of young people were out of work.

At the same time as the troubled eurozone states Greece and Spain are seeing youth unemployment rise, Germany has seen a fall from 8.5pc last year to 8.1pc in August.

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The Prof said:

today:



Eurozone unemployment hits record high, two-speed Europe - Telegraph

the guardian: "new manufacturing data showed that europe almost certainly entered recession in the last 3 months"

Eurozone crisis live: Unemployment hits record high as Troika disputes Greek cuts | guardian

bbc: BBC News - One in 10 workers has taken time off for depression

brits, danes and germans lead the way---avg convalescence is 36 work days

presumably, the just-as-sad citizens of the south are equally dispirited---they just don't have anyplace to call in sick to

a malaise almost soviet engulfs the continent of bach, goethe, shakespeare

a keynesian's dream, what went wrong

the eu collective is the first domino

california is second...

saturday: Spain Bank Stress Tests Show Capital Deficit of $76 Billion - Bloomberg

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Given the number of people and businesses fleeing from California

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This study describes the great ongoing California exodus, using data from the Census, the Internal Revenue Service, the state’s Department of Finance, the Bureau of Labor Statistics, the Federal Housing Finance Agency, and other sources. We map in detail where in California the migrants come from, and where they go when they leave the state. We then analyze the data to determine the likely causes of California’s decline and the lessons that its decline holds for other states.

The data show a pattern of movement over the past decade from California mainly to states in the western and southern U.S.: Texas, Nevada, and Arizona, in that order, are the top magnet states. Oregon, Washington, Colorado, Idaho, and Utah follow. Rounding out the top ten are two southern states: Georgia and South Carolina.

The data also reveal the motives that drive individuals and businesses to leave California. One of these, of course, is work. States with low unemployment rates, such as Texas, are drawing people from California, whose rate is above the national average. Taxation also appears to be a factor, especially as it contributes to the business climate and, in turn, jobs. Most of the destination states favored by Californians have lower taxes. States that have gained the most at California’s expense are rated as having better business climates. The data suggest that many cost drivers—taxes, regulations, the high price of housing and commercial real estate, costly electricity, union power, and high labor costs—are prompting businesses to locate outside California, thus helping to drive the exodus.

Population change, along with the migration patterns that shape it, are important indicators of fiscal and political health. Migration choices reveal an important truth: some states understand how to get richer, while others seem to have lost the touch. California is a state in the latter group, but it can be put back on track. All it takes is the political will.

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The Prof said:

last week:



Civic Report 71 | The Great California Exodus: Manhattan Institute

"all it takes is the political will?"

sacto has been the depiction of dysfunction for decades

the white house has been occupied by a punter for 4 years, out here in the golden state it's been that way longer than our kids have been alive

7 of the 10 top states we're fleeing to are right to work

tax revenues are down 22%

California Tax Revenue Plunges 22%

in april, 2011, lieutenant gub gavin so-good-looking newsom (who survived an affair with a staffer's wife when gavin was mayor of sf) visited rick perry to get some tips on jobs creation

California Begs Texas for Job-Creating Recipe - Bloomberg

the lt gov must not have listened

he should have

some 40% of net jobs created during the obama "recovery" are in lone star land

The Lone Star Jobs Surge - WSJ.com

first greece, then brussels, then sacto, then...

California's $500-billion pension time bomb - Los Angeles Times

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AdamT said:

Yes, there is no doubt that the slowdown in Europe and Asia is affecting our recovery. Nonetheless, it's clear that Obama's policies are helping to keep our heads above water.

U.S. Stocks Rise on Better-Than-Forecast Manufacturing - Bloomberg

Manufacturing in U.S. Expands Unexpectedly as Orders Rise - Bloomberg

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joko104 said:

Given the number of people and businesses fleeing from California, the state might be able to boast of slowing unemployment.

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Who needs NAFTA

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For sheer economic promise, no place beats Texas. Though the Lone Star State’s growth slowed during the recession, it didn’t suffer nearly as dramatically as the rest of the country. Businesses have been flocking to Texas for a generation, and that trend is unlikely to slow soon. Texas now has more Fortune 500 companies—58—than any other state, including longtime corporate powerhouse New York.

Austin boasted the strongest job growth in NEWSWEEK’s Top 10, both last year and over the decade. Home to the state capital and the ever-expanding University of Texas, the city is arguably the best-positioned of the nation’s emerging tech centers. It enjoys good private-sector growth, both from an expanding roster of homegrown firms and outside companies, including an increasing array of multinationals such as Samsung, Nokia, Siemens, and Fujitsu.

Yet Austin’s newfound prosperity isn’t simply a product of its university culture or its synergetic collection of technology firms. Its success owes a great deal to simply being in Texas—a state itching to eclipse its historic archrival, the increasingly troubled California. Indeed, Texas is becoming to the Golden State what Arizona, Nevada, and Oregon were in the last decade: a refuge for workers and companies fed up with California’s high unemployment, cost of living, and dysfunctional state government.

The Texas economy has benefited from widening diversification. Houston has a robust energy business and medical-services industry, and thriving international trade—all long-term growth areas. Dallas enjoys an expanding tech sector and well-developed business-service industries tied to a powerful corporate base. San Antonio has a strong military connection and an expanding manufacturing capacity, and it is a key locale for the growing Latino marketplace. What’s more, Texas offers pro-business policies and relatively low taxes, and the physical infrastructure in the cities is generally as good or better than in many East and West coast metropolitan areas.

People are voting with their feet. All four Texas cities are enjoying strong immigration from the rest of the country and abroad. Houston and Dallas have higher rates of immigration than Chicago, and if the job picture stays the same, those cities could someday rival New York and Los Angeles in terms of ethnic diversity.

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Conservative news sources have turned into doom and gloom

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Texas can once again claim the ignominious prize of being the state with the highest percentage of uninsured residents, Gallup reported March 2.

27.6 percent of Texans do not have health insurance, compared to 23.5 percent in Mississippi, the state with the next highest percentage of uninsured residents, according to the latest results of the Gallup-Healthways Well-Being Index. That 4.1-percent gap is the widest since Gallup began tracking data in 2008.
Texas Home to Most Uninsured, Study Says

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Obama's policies are helping to keep our heads above water

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The Prof said:

LOL!

vote obama, 2012!

keep your head above water!

Obama says private sector "doing fine" - CBS News Video

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It's ironic, no?

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HALF THE COUNTRY

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The Prof said:

8,786,049: Yet Another Record for Americans Collecting Disability | CNSNews.com

Majority of new jobs in recovery are low-paying - latimes

Household income fell 4.8% during economic recovery - latimes

Food stamp enrollment hits record high of 46.7M | Mail Online

BBC News - Number of Americans in poverty hits record high

Fox: Labor Participation Rate Falls to 63.5%, 30-Year Low

Record Social Security payouts in fiscal 2012 | Times 247

HuffPo/Long Term Unemployment: A National Crisis

Household Incomes Fall In August, Down 8.2% Under Obama - IBD

One in five households burdened by student debt, a record - latimes

Half of college grads can't find full-time jobs - CBS News

Economic recovery is weakest since World War II - Yahoo! News

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"how do you engage people in questions of policy that affect them and how do you make them feel that they actually have some significant power over these issues?"

"because the people who are guilty of disempowering the population are not only the bad guys---i won't be partisan here and say who the bad guys are---it's not only the folks who are representing the special interests, quote unquote, the guys with the pinkie, y'know, diamond rings and the fat cats, sometimes it's also us, sometimes it's the experts, the advocates who are not that much better at advocating on behalf of and with the communities they purport to represent, so that the lobbyists down at springfield who represent a whole host of good causes i strongly believe in often times have very few troops behind them"

"if we are gonna win on these policy debates it will take more than simply being armed with good facts and good presentations, it will also have to do with the fact that we have mobilized a constituency around these policy questions"

“what i think will re-engage people in politics is if we’re doing significant, serious policy work around what i will label the working poor, although my definition of the working poor is not simply folks making minimum wage, but it’s also families of four who are making $30,000 a year, they are struggling, and to the extent that we are doing research figuring out what kinds of government action would successfully make their lives better, we are then putting together a potential majority coalition to move those agendas forward”

"one of the good things about welfare reform, which the 1996 legislation i did not entirely agree with and probably would have voted against at the federal level, but one good thing that comes out of it is it essentially desegregates the welfare population which is presumably black and undeserving and urban vs the working poor which are the other people"

"now you just have one batch of folks, folks who are working but don't have health insurance, aren't making much money, can't figure out day care, spend an hour and a half trying to commute to the jobs that do exist, don't have much opportunity for enhancing their skills so they could actually move up into an income bracket that would support a family"

"that is increasingly a majority population"

"the new immigrant population is much less skilled, is much more apt to be in this category of working poor that we've talked about, is having the same problems that folks who've been here awhile already are having, and what this means is that gives us an opportunity to do some organizing that we couldn't do before"

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