Thursday, April 25, 2013

WSJ: "Unemployment Hits New Highs in Spain, France"

by Bill McBride on 4/25/2013 05:59:00 PM

This is no surprise ... from the WSJ: Unemployment Hits New Highs in Spain, France

The jobless rate in Spain rose sharply to 27.2% of the workforce in the first quarter, the highest level since records began in the 1970s. In France, the number of registered job seekers who are fully unemployed rose to more than 3.2 million, topping a previous record set in 1997.
...
Last week, the International Monetary Fund joined the U.S. in saying the euro zone should ease up on belt-tightening, arguing it was holding back the global economic recovery and could end up being self-defeating. The head of the European Commission said Monday the policy had "reached its limits."
Maybe, just maybe, policymakers in Europe will get the message that the almost singular focus on deficit reduction has been a policy mistake.