http://www.washingtonpost.com/business/polands-unemployment-rate-rises-to-134-percent-in-december-from-129-percent-previous-month/2013/01/24/6dca0470-6618-11e2-889b-f23c246aa446_story.html
If 7.8% unemployment in the U.S. makes Americans cringe, who knows what would happen to them if the were living in Poland right now. The unemployment rate reached 13.4% in December in Poland, up 0.5% from November. Although an increase in unemployment during the winter due to a loss of outdoor jobs is common in Poland, with these kind of numbers they cannot afford to have it climb any higher. To make matters worse, their growth rate is only projected to be 1.5% in 2013. Many huge industries are being hit hard by this decrease in growth, causing more and more layoffs. While this rate of unemployment is extremely disconcerting for Americans to look at, individuals in Poland might be relieved that it has come down from the 20% unemployment that was present a decade ago. If Poland's labor system does not become more flexible in future years, we will likely continue to see unemployment rise towards that number again.
1 comment:
It is scary to see the unemployment rates for the European Union Countries. As you stated in your post, it is interesting to compare the unemployment in the US to the unemployment to the countries in the E.U. Furthermore, what is very scary is the youth unemployment in these countries. For example, in August 2012, youth unemployment in Greece was 53% and Spain had a rate of 55%. This, for me, is the scariest part.
Source: http://www.theatlantic.com/business/archive/2012/10/europes-most-tragic-graph-greek-youth-unemployment-hits-55/263118/
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