Thanks for the possibility of reblogging. „Real-World Economics Review Blog“ is a great blog!
The new broad unemployment data for the EU underscore the severity of the employment situation in the EU. Since 2008, levels have increased almost everywhere. And even where the labour market situation has improved (notably the UK and Germany) the data show that there still is considerable slack.
Just the other day Paul Krugman reminded us, with a neat graph, that economic statisticians developed the ‚broad unemployment‘ concept and metrics with a reason: they enhance our insight in the nature as well as the causes of unemployment and the present situation. Recently, Eurostat has started to organize and publish these data for Europe. See also here and here. ‚Broad unemployment‘ consists of three categories: Underemployed part-time workers, Persons seeking work but not immediately available (i.e. not within two weeks) and People available but not seeking. I’ve looked at the change between 2008 and 2013. Countries with less than…
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