21 sats \ 2 replies \ @Undisciplined 16 Apr \ on: European Economic Downturn Ripples Through UK Employment Landscape econ
Do you know if they calculate unemployment like we do in America?
4.2% would generally be considered pretty normal over here?
usually, Europeans manipulate unemployment rates much more excessively than Americans. that's because the pride of the european communists is the welfare state and the labor market model of the controlled economy. in germany, for example, recipients of citizen's benefits or people over 55 no longer fall into these statistics. there's a whole system of benefits that cause people to fall out of the labor market statistics. so usually you can increase that number by at least 50 to 100%
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I think that's roughly the same, conceptually, but the much more "generous" welfare states over there make the accounting that much stupider.
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