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Euro Zone | Bank REO Real Estate
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Jobless Rate Climbs to 9.2% in European Union (EU)

June 2, 2009 by · Leave a Comment
Filed under: Global News 

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The common theme I hear is the “less bad is good” theme.  It figures that because the economic statistics are not as bad as they were, that must mean good times are ahead.  I am not so sure about that, we could either be in a lull or maybe we will be here for quite some time while this global recession lags on making the recovery more protracted.  

In this article it is reported that Spain is at 18% unemployment, that is the formula for mass civil unrest.   The longer people do not have a job the more desperate they become or it forces the government to continue to provide for these people which also has side effects like running large deficits.  I am not sure where this is going but I do think the worst may still be ahead of us before we actually do get better.

News (NY Times):

The unemployment rate in the European Union pushed higher in April, the E.U. statistics office said Tuesday, indicating that nascent signs of economic recovery had yet to be felt in the Continent’s labor market.

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