I’ve been watching the situation in Europe for years now, and fundamentally they have serious long term issues.
Specifically, their debt levels, unfunded pension obligations, and employment policies.
The long term unemployment rate for Europe has only gotten worse in the past few years.
Click on the below link for the full discussion of this
Unemployment in Europe Still a Disaster- Full Article
There are two measures of jobs in my mind: Quantitative and Qualitative.
I’m pleased that slowly the quantity of jobs seems to be coming back, although anemic, but the quality of those jobs is still lacking.
I think we’re in the midst of a major re-adjustment in our country, about the type and quantity of jobs we have to offer.
I am not pessimistic in any way, and feel the creativity and entrepreneurial spirit is better here than anywhere, but the adjustment will continue to be painful.
Here’s a full article on the most recent job numbers
The problem with the number is that the employment – population ratio has a huge impact on it and it’s been shrinking.
If you’ve left the job market, either through retirement, going back to school, or simply not looking for a job in the past 4 weeks, then you leave the eligible job pool.
It has been shrinking for quite some time, and artificially makes the official job numbers look better than they really are. With Baby Boomers leaving the force in record numbers, some of this is to be expected, but it doesn’t account from the whole picture
Here’s a good article for a full description.
Participation Rate of the work force at 30 year lows. Bad.
In my opinion, we’re at a time in history where there is a dramatic shift in the employment make-up, skills needed, globalization, etc.
This relatively short term (1 to 10 years) transition will not be without pain for many, but the market does eventually adjust.
Be sure to pay attention to my video next week for my year end and 2012 thoughts.
Click for Leading Economic Indicators Rise in November