Unemployment during the downturn
Underworked
Jun 22nd 2009
From Economist.com
Where unemployment has hit hardest
The world economy’s deepest post-war slump has resulted in higher rates of unemployment in many countries. Spain’s jobless rate has increased by more than 8 percentage points in the past 12 months, much of it attributable to a collapse in the construction industry. The country’s unemployment rate is now the highest in the rich world at 18.1%. The situation is also dire in Russia, where a 4.2 percentage-point rise has left more than one in ten out of work. America’s jobless rate has risen by almost 4 percentage points. The increase in unemployment has been modest so far in Germany, where it is costly to fire workers.
