Exchange Rate Fluctuations, 1.371 Million New Nonfarm Payroll Jobs in August and 1.027 Million New Private Payroll Jobs, Thirty-Five Million Unemployed or Underemployed in the Lost Economic Cycle of the Global Recession with Economic Growth Underperforming Below Trend Worldwide, Unemployment Rate 8.4 Percent in Aug In the Global Recession, with Output in the US Reaching a High in Feb 2020 (https://www.nber.org/cycles.html), in the Lockdown of Economic Activity in the COVID-19 Event, Job Creation, Cyclically Stagnating Real Wages, Increase of Real Personal Consumption Expenditures of 1.6 Percent in Jul, Cyclically Stagnating Real Disposable Income Per Capita, Financial Repression, World Cyclical Slow Growth, and Government Intervention in Globalization: Part IX
Carlos M. Pelaez
© Carlos M. Pelaez, 2009,
2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020.
I Thirty-Five Million Unemployed or
Underemployed in the Lost Economic Cycle of the Global Recession with Economic
Growth Underperforming
Below Trend Worldwide
IA2 Number of People in Job Stress
IA3 Long-term and
Cyclical Comparison of Employment
IA4 Job Creation
II Stagnating Real Disposable Income and Consumption Expenditures
IIB1 Stagnating Real
Disposable Income and Consumption Expenditures
IB2 Financial Repression
III World Financial Turbulence
IV Global Inflation
V World Economic
Slowdown
VA United States
VB Japan
VC China
VD Euro Area
VE Germany
VF France
VG Italy
VH United Kingdom
VI Valuation of Risk
Financial Assets
VII Economic
Indicators
VIII Interest Rates
IX Conclusion
References
Appendixes
Appendix I The Great Inflation
IIIB Appendix on Safe
Haven Currencies
IIIC Appendix on
Fiscal Compact
IIID Appendix on
European Central Bank Large Scale Lender of Last Resort
IIIG Appendix on Deficit Financing of Growth and the
Debt Crisis
Motor vehicle sales and production in the US have been in
long-term structural change. Table VA-1A provides the data on new motor vehicle
sales and domestic car production in the US from 1990 to 2010. New motor
vehicle sales grew from 14,137 thousand in 1990 to the peak of 17,806 thousand
in 2000 or 29.5 percent. In that same period, domestic car production fell from
6,231 thousand in 1990 to 5,542 thousand in 2000 or -11.1 percent. New motor vehicle
sales fell from 17,445 thousand in 2005 to 11,772 in 2010 or 32.5 percent while
domestic car production fell from 4,321 thousand in 2005 to 2,840 thousand in
2010 or 34.3 percent. In IIQ2018, light vehicle sales accumulated to 4,500,220,
which is higher by 1.8 percent relative to 4,419,349 a year earlier in IIQ2017
(http://www.motorintelligence.com/m_frameset.html). Total not seasonally adjusted light vehicle sales
reached 1325.1 thousands in Aug 2020, decreasing 19.1 percent from 1638.7
thousands in Aug 2019 (https://www.bea.gov/national/xls/gap_hist.xlsx https://www.bea.gov/data/gdp/gross-domestic-product#collapse86). The seasonally adjusted annual rate of light vehicle sales in
the US reached 15.2 million in Aug 2020, higher than 14.6 million in Jul 2020
and lower than 17.1 million in Aug 2019 (https://www.bea.gov/data/gdp/gross-domestic-product#collapse86).
Table VA-1A, US, New Motor Vehicle Sales and Car Production,
Thousand Units 7
|
|
New Motor Vehicle Sales |
New Car Sales and Leases |
New Truck Sales and Leases |
Domestic Car Production |
|
1990 |
14,137 |
9,300 |
4,837 |
6,231 |
|
1991 |
12,725 |
8,589 |
4,136 |
5,454 |
|
1992 |
13,093 |
8,215 |
4,878 |
5,979 |
|
1993 |
14,172 |
8,518 |
5,654 |
5,979 |
|
1994 |
15,397 |
8,990 |
6,407 |
6,614 |
|
1995 |
15,106 |
8,536 |
6,470 |
6,340 |
|
1996 |
15,449 |
8,527 |
6,922 |
6,081 |
|
1997 |
15,490 |
8,273 |
7,218 |
5,934 |
|
1998 |
15,958 |
8,142 |
7,816 |
5,554 |
|
1999 |
17,401 |
8,697 |
8,704 |
5,638 |
|
2000 |
17,806 |
8,852 |
8,954 |
5,542 |
|
2001 |
17,468 |
8,422 |
9,046 |
4,878 |
|
2002 |
17,144 |
8,109 |
9,036 |
5,019 |
|
2003 |
16,968 |
7,611 |
9,357 |
4,510 |
|
2004 |
17,298 |
7,545 |
9,753 |
4,230 |
|
2005 |
17,445 |
7,720 |
9,725 |
4,321 |
|
2006 |
17,049 |
7,821 |
9,228 |
4,367 |
|
2007 |
16,460 |
7,618 |
8,683 |
3,924 |
|
2008 |
13,494 |
6,814 |
6.680 |
3,777 |
|
2009 |
10,601 |
5,456 |
5,154 |
2,247 |
|
2010 |
11,772 |
5,729 |
6,044 |
2,840 |
Source: US Census Bureau
https://www.bea.gov/national/xls/gap_hist.xlsx
Table VA-1B provides the seasonally
adjusted annual rate of total vehicle sales in the United States. The
rate decreased from 17.740 in Jun 2019 and 17.214 in Feb 2020 to 9.089 in Apr
2020 in the lockdown of economic activity in the global recession, with output in the
US reaching a high in Feb 2020 (https://www.nber.org/cycles.html), in the
lockdown of economic activity in the COVID-19 event. The rate recovered to
12.440 in May 2020 and 13.359 in Jun 2020 and 15.006 in Jul 2020 in gradual
return to economic activity. The rate for Aug 2020 increased to 15.589 (https://www.bea.gov/data/gdp/gross-domestic-product#collapse86).
Table VA-1B, United States, Annual Rate, Total Vehicle Sales,
Seasonally Adjusted Annual Rate
|
January |
2019 |
17.305 |
|
|
February |
2019 |
17.098 |
|
|
March |
2019 |
17.830 |
|
|
April |
2019 |
17.155 |
|
|
May |
2019 |
17.862 |
|
|
June |
2019 |
17.740 |
|
|
July |
2019 |
17.527 |
|
|
August |
2019 |
17.600 |
|
|
September |
2019 |
17.643 |
|
|
October |
2019 |
17.272 |
|
|
November |
2019 |
17.437 |
|
|
December |
2019 |
17.289 |
|
|
January |
2020 |
17.311 |
|
|
February |
2020 |
17.214 |
|
|
March |
2020 |
11.809 |
|
|
April |
2020 |
9.089 |
|
|
May |
2020 |
12.440 |
|
|
June |
2020 |
13.359 |
|
|
July |
2020 |
15.006 |
|
|
August |
2020 |
15.589 |
Source: Economic Research Division, Federal Reserve Bank of St.
Louis
https://fred.stlouisfed.org/series/TOTALSA
Data for Aug 2020 and updates: https://www.bea.gov/data/gdp/gross-domestic-product#collapse86
Chart I-4 of the Economic Research Division, Federal Reserve
Bank of St. Louis, provides the complete data set of SAAR of total car sales in
the US. The SAAR of 9.089 in Apr 2020 is lower than the lowest rate in the
global recession at 9.223 in Feb 2009.
Chart I-4, SA Annual Rate of Total Car Sales in the United
States, Jan 1976 to Jul 2020
Source: Economic Research Division, Federal Reserve Bank of
St. Louis
https://fred.stlouisfed.org/series/TOTALSA
Chart I-5 of the Board of Governors of the Federal Reserve
provides output of motor vehicles and parts in the United States from 1972 to
2020. Output virtually stagnated since the late 1990s with recent increase
followed by the highest decrease in the data history in the lockdown of
economic activity in the COVID-19 event.
Chart 1-5, US, Motor Vehicles and Parts Output, 1972-2020
Source: Board of Governors of the Federal Reserve System
https://www.federalreserve.gov/releases/g17/Current/default.htm
Table VB-1
provides the employment report of Japan in Jul 2020. The rate of unemployment
not seasonally adjusted reached 2.9 percent, increasing 0.6 percentage points
from a year earlier. Population decreased 0.1 percent from a year earlier. The
labor force decreased 0.5 percent from a year earlier and the labor
participation rate stood at 61.8, decreasing 0.3 percentage points from year
earlier. The employment rate moved to 60.0 percent, decreasing 0.7 percentage
points relative to a year earlier.
Table VB-1,
Japan, Employment Report Jul 2020
|
Jul 2020
Unemployed |
1.97 million |
|
Change since
last year |
410 thousand;
∆% 26.3 |
|
Unemployment
rate |
SA 2.9%, 0.1
from earlier month; NSA 2.9%, 0.6
from earlier year |
|
Population ≥
15 years |
110.86
million |
|
Change since
last year |
∆% -0.1 |
|
Labor Force |
68.52 million |
|
Change since
last year |
∆% -0.5 |
|
Employed |
66.55 million |
|
Change since
last year |
∆% -1.1 |
|
Labor force
participation rate |
61.8 |
|
Change since
last year |
-0.3 |
|
Employment
rate |
60.0% |
|
Change since last
year |
-0.7 |
Source: Japan,
Statistics Bureau, Ministry of Internal Affairs and Communications
http://www.stat.go.jp/english/data/roudou/results/month/index.html
Table VB-2
provides the rate of unemployment of Japan seasonally adjusted that decreased
to 3.4 percent in Dec 2014 from 4.4 percent in Jul 2012. The rate of
unemployment SA increased 0.6 percentage points from 2.3 percent in Jul 2019 to
2.9 percent in Jul 2020.
Table VB-2,
Japan, Unemployment Rate, SA
|
|
Unemployment
Rate SA |
|
Jul 2020 |
2.9 |
|
Jun |
2.8 |
|
May |
2.9 |
|
Apr |
2.6 |
|
Mar |
2.5 |
|
Feb |
2.4 |
|
Jan |
2.4 |
|
Dec 2019 |
2.2 |
|
Nov |
2.2 |
|
Oct |
2.4 |
|
Sep |
2.4 |
|
Aug |
2.3 |
|
Jul |
2.3 |
|
Jun |
2.3 |
|
May |
2.4 |
|
Apr |
2.4 |
|
Mar |
2.5 |
|
Feb |
2.4 |
|
Jan |
2.5 |
|
Dec 2018 |
2.4 |
|
Nov |
2.5 |
|
Oct |
2.4 |
|
Sep |
2.3 |
|
Aug |
2.5 |
|
Jul |
2.5 |
|
Jun |
2.5 |
|
May |
2.3 |
|
Apr |
2.5 |
|
Mar |
2.5 |
|
Feb |
2.5 |
|
Jan |
2.4 |
|
Dec 2017 |
2.7 |
|
Nov |
2.7 |
|
Oct |
2.7 |
|
Sep |
2.8 |
|
Aug |
2.7 |
|
Jul |
2.8 |
|
Jun |
2.8 |
|
May |
3.1 |
|
Apr |
2.8 |
|
Mar |
2.8 |
|
Feb |
2.9 |
|
Jan |
3.0 |
|
Dec 2016 |
3.1 |
|
Nov |
3.1 |
|
Oct |
3.0 |
|
Sep |
3.0 |
|
Aug |
3.1 |
|
Jul |
3.0 |
|
Jun |
3.1 |
|
May |
3.1 |
|
Apr |
3.2 |
|
Mar |
3.2 |
|
Feb |
3.3 |
|
Jan |
3.2 |
|
Dec 2015 |
3.3 |
|
Nov |
3.3 |
|
Oct |
3.2 |
|
Sep |
3.4 |
|
Aug |
3.4 |
|
Jul |
3.4 |
|
Jun |
3.4 |
|
May |
3.3 |
|
Apr |
3.4 |
|
Mar |
3.4 |
|
Feb |
3.5 |
|
Jan |
3.5 |
|
Dec 2014 |
3.4 |
|
Nov |
3.5 |
|
Oct |
3.6 |
|
Sep |
3.5 |
|
Aug |
3.5 |
|
Jul |
3.7 |
|
Jun |
3.7 |
|
May |
3.6 |
|
Apr |
3.6 |
|
Mar |
3.6 |
|
Feb |
3.6 |
|
Jan |
3.7 |
|
Dec 2013 |
3.7 |
|
Nov |
3.9 |
|
Oct |
4.0 |
|
Sep |
4.0 |
|
Aug |
4.1 |
|
Jul |
3.8 |
|
Jun |
3.9 |
|
May |
4.1 |
|
Apr |
4.1 |
|
Mar |
4.1 |
|
Feb |
4.3 |
|
Jan |
4.2 |
|
Dec 2012 |
4.3 |
|
Nov |
4.1 |
|
Oct |
4.1 |
|
Sep |
4.3 |
|
Aug |
4.2 |
|
Jul |
4.4 |
|
Jun |
4.3 |
|
May |
4.4 |
Source: Source:
Japan, Statistics Bureau, Ministry of Internal Affairs and Communications
http://www.stat.go.jp/english/data/roudou/results/month/index.htm
Chart VB-1 of Japan’s Ministry of Internal Affairs and Communications provides the unemployment rate of Japan from 2014 to 2019. There is clear trend of decline with multiple oscillations and increase in Jun-Jul 2014. The rate increased in Sep 2014 and fell in Oct 2014, stabilizing in Nov 2014 and declining in Dec 2014. The rate decreased in Feb-Apr 2015, stabilizing in May 2015. The rate increased in Jun 2015 and fell in Jul 2015, increasing in Aug 2015 and stabilizing in Sep 2015. The rate fell in Oct 2015, increasing in Nov 2015, remaining unchanged in Dec 2015 and decreasing in Jan 2016. The rate increased in Feb 2016 and decreased in Mar 2016, stabilizing in Apr-May 2016. The rate decreased in Jun-Jul 2016, increasing in Aug 2016. The rate decreased in Sep 2016, stabilizing in Oct 2016. The rate increased in Nov 2016 and stabilized in Dec 2016, decreasing in Jan-Feb 2017. The rate stabilized in Apr 2017, increasing in May 2017 and decreasing in Jun 2017. The rate stabilized in Jul-Oct 2017, decreasing in Nov 2017. The rate increased in Dec 2017, decreasing in Jan 2018. The rate increased in Feb 2018 and stabilized in Mar-Apr 2018, decreasing in May 2018. The rate increased in Jun-Jul 2018, decreasing in Aug-Sep 2018. The rate increased in Oct-Nov 2018, decreasing in Dec 2018. The rate increased in Jan 2019, decreasing in Feb 2019. The rate increased in Mar 2019, decreasing in Apr 2019. The rate stabilized in May 2019, decreasing in Jun 2019. The rate decreased in Jul 2019, stabilizing in Aug 2019. The rate increased in Sep 2019, stabilizing in Oct 2019. The rate decreased in Nov 2019 and stabilized in Dec 2019. The rate increased in Jan 2020 and stabilized in Feb 2020. The rate increased in Mar-May 2020, decreasing in Jun 2020. The rate increased in Jul 2020.
Chart VB-1, Japan, Unemployment Rate, Seasonally Adjusted
Source: Japan, Statistics Bureau, Ministry of Internal
Affairs and Communications
http://www.stat.go.jp/english/data/roudou/results/month/index.htm
During the “lost decade” of the 1990s from 1991 to 2002
(Pelaez and Pelaez, The Global Recession
Risk (2007), 82-3), Japan’s GDP grew at the average yearly rate of 1.0
percent, the CPI at 0.1 percent and the implicit deflator at minus 0.8 percent.
Japan’s growth rate from the mid-1970s to 1992 was 4 percent (Ito 2004). Table VB-3 provides Japan’s rates of
unemployment, participation in labor force and employment for selected years
from 1953 to 1985 and yearly from 1990 to 2016.
The rate of unemployment jumped from 2.1 percent in 1991 to 5.4 percent
in 2002, which was a year of global economic weakness. The participation rate
dropped from 64.0 percent in 1992 to 61.2 percent in 2002 and the employment
rate fell from 62.6 percent in 1992 to 57.9 percent in 2002. The rate of
unemployment rose from 3.9 percent in 2007 to 5.1 percent in 2010, falling to
4.6 percent in 2011, 4.3 percent in 2012 and 3.6 percent in 2014. The rate of
unemployment fell to 3.4 percent in 2015 and 3.1 percent in 2016. The unemployment rate fell to 2.8 percent in
2017, decreasing to 2.4 percent in 2018. The unemployment rate stabilized at
2.4 percent in 2019. The participation rate fell from 60.4 percent in 2007 to
59.6 percent in 2010, falling to 59.3 percent in 2011 and 59.1 in 2012 and
increasing to 59.4 percent in 2014. The participation rate increased to 59.6 in
2015 and 60.0 in 2016, increasing to 60.5 in 2017. The participation rate
increased to 61.5 in 2018. The participation rate increased to 62.1 in 2019. The
employment rate fell from 58.1 in percent in 2007 to 56.6 percent in 2010 and
56.5 percent in 2011 and 2012, increasing to 57.3 percent in 2014. The
employment rate increased to 57.6 in 2015 and 58.1 in 2016. The employment rate
increased to 58.8 in 2017. The global
recession adversely affected labor markets in advanced economies. The
employment rate increased to 60.0 in 2018, increasing to 60.6 in 2019.
Table VB-3,
Japan, Rates of Unemployment, Participation in Labor Force and Employment, %
|
|
Participation
|
Employment
Rate |
Unemployment
Rate |
|
1953 |
70.0 |
68.6 |
1.9 |
|
1960 |
69.2 |
68.0 |
1.7 |
|
1965 |
65.7 |
64.9 |
1.2 |
|
1970 |
65.4 |
64.6 |
1.1 |
|
1975 |
63.0 |
61.9 |
1.9 |
|
1980 |
63.3 |
62.0 |
2.0 |
|
1985 |
63.0 |
61.4 |
2.6 |
|
1990 |
63.3 |
61.9 |
2.1 |
|
1991 |
63.8 |
62.4 |
2.1 |
|
1992 |
64.0 |
62.6 |
2.2 |
|
1993 |
63.8 |
62.2 |
2.5 |
|
1994 |
63.6 |
61.8 |
2.9 |
|
1995 |
63.4 |
61.4 |
3.2 |
|
1996 |
63.5 |
61.4 |
3.4 |
|
1997 |
63.7 |
61.5 |
3.4 |
|
1998 |
63.3 |
60.7 |
4.1 |
|
1999 |
62.9 |
59.9 |
4.7 |
|
2000 |
62.4 |
59.5 |
4.7 |
|
2001 |
62.0 |
58.9 |
5.0 |
|
2002 |
61.2 |
57.9 |
5.4 |
|
2003 |
60.8 |
57.6 |
5.3 |
|
2004 |
60.4 |
57.6 |
4.7 |
|
2005 |
60.4 |
57.7 |
4.4 |
|
2006 |
60.4 |
57.9 |
4.1 |
|
2007 |
60.4 |
58.1 |
3.9 |
|
2008 |
60.2 |
57.8 |
4.0 |
|
2009 |
59.9 |
56.9 |
5.1 |
|
2010 |
59.6 |
56.6 |
5.1 |
|
2011 |
59.3 |
56.5 |
4.6 |
|
2012 |
59.1 |
56.5 |
4.3 |
|
2013 |
59.3 |
56.9 |
4.0 |
|
2014 |
59.4 |
57.3 |
3.6 |
|
2015 |
59.6 |
57.6 |
3.4 |
|
2016 |
60.0 |
58.1 |
3.1 |
|
2017 |
60.5 |
58.8 |
2.8 |
|
2018 |
61.5 |
60.0 |
2.4 |
|
2019 |
62.1 |
60.6 |
2.4 |
Source: Japan,
Statistics Bureau, Ministry of Internal Affairs and Communications
http://www.stat.go.jp/english/data/roudou/results/month/index.htm
EUROSTAT estimates the rate of unemployment in the euro area
at 7.9 percent in Jul
2020,
as shown in Table VD-1. The number of unemployed in Jul 2020 was 12.793
million, which was higher by 0.494 million than 12.299 million in Jul 2019. The
rate of unemployment increased from 7.5 percent in Jul 2019 to 7.9 percent in Jul
2020.
Table VD-1, Euro
Area, Unemployment Rate and Number of Unemployed, % and Millions, SA
|
|
Unemployment
Rate % |
Number
Unemployed |
|
Jul 2020 |
7.9 |
12.793 |
|
Jun |
7.7 |
12.449 |
|
May |
7.5 |
12.110 |
|
Apr |
7.4 |
11.942 |
|
Mar |
7.2 |
11.835 |
|
Feb |
7.3 |
11.955 |
|
Jan |
7.4 |
12.195 |
|
Dec 2019 |
7.4 |
12.140 |
|
Nov |
7.4 |
12.137 |
|
Oct |
7.4 |
12.145 |
|
Sep |
7.5 |
12.244 |
|
Aug |
7.5 |
12.252 |
|
Jul |
7.5 |
12.299 |
|
Jun |
7.5 |
12.303 |
|
May |
7.6 |
12.418 |
|
Apr |
7.6 |
12.545 |
|
Mar |
7.7 |
12.647 |
|
Feb |
7.8 |
12.719 |
|
Jan |
7.8 |
12.780 |
|
Dec 2018 |
7.8 |
12.824 |
|
Nov |
7.9 |
12.930 |
|
Oct |
8.0 |
13.092 |
|
Sep |
8.0 |
13.070 |
|
Aug |
8.0 |
13.113 |
|
Jul |
8.1 |
13.212 |
|
Jun |
8.2 |
13.410 |
|
May |
8.2 |
13.458 |
|
Apr |
8.4 |
13.681 |
|
Mar |
8.5 |
13.794 |
|
Feb |
8.5 |
13.881 |
|
Jan |
8.6 |
14.047 |
|
Dec 2017 |
8.6 |
14.099 |
|
Nov |
8.7 |
14.206 |
|
Oct |
8.8 |
14.322 |
|
Sep |
8.9 |
14.477 |
|
Aug |
9.0 |
14.638 |
|
Jul |
9.0 |
14.744 |
|
Jun |
9.1 |
14.723 |
|
May |
9.2 |
14.918 |
|
Apr |
9.2 |
14.971 |
|
Mar |
9.4 |
15.212 |
|
Feb |
9.4 |
15.302 |
|
Jan |
9.6 |
15.491 |
|
Dec 2016 |
9.6 |
15.653 |
|
Nov |
9.8 |
15.863 |
|
Oct |
9.8 |
15.859 |
|
Sep |
9.9 |
16.011 |
|
Aug |
9.9 |
16.036 |
|
Jul |
10.0 |
16.162 |
|
Jun |
10.1 |
16.369 |
|
May |
10.2 |
16.453 |
|
Apr |
10.2 |
16.560 |
|
Mar |
10.2 |
16.573 |
|
Feb |
10.4 |
16.754 |
|
Jan |
10.4 |
16.746 |
|
Dec 2015 |
10.5 |
16.875 |
|
Nov |
10.5 |
16.901 |
|
Oct |
10.6 |
17.072 |
|
Sep |
10.6 |
17.075 |
|
Aug |
10.7 |
17.156 |
|
Jul |
10.8 |
17.311 |
|
Jun |
11.0 |
17.655 |
|
May |
11.0 |
17.737 |
|
Apr |
11.1 |
17.824 |
|
Mar |
11.2 |
17.976 |
|
Feb |
11.2 |
17.996 |
|
Jan |
11.3 |
18.107 |
|
Dec 2014 |
11.3 |
18.246 |
|
Nov |
11.5 |
18.534 |
|
Oct |
11.5 |
18.514 |
|
Sep |
11.5 |
18.500 |
|
Aug |
11.5 |
18.407 |
|
Jul |
11.6 |
18.596 |
|
Jun |
11.5 |
18.482 |
|
May |
11.7 |
18.713 |
|
Apr |
11.7 |
18.761 |
|
Mar |
11.8 |
18.906 |
|
Feb |
11.9 |
19.017 |
|
Jan |
11.9 |
19.084 |
|
Dec 2013 |
11.9 |
19.018 |
|
Nov |
11.9 |
19.084 |
|
Oct |
12.0 |
19.160 |
|
Sep |
12.0 |
19.293 |
|
Aug |
12.0 |
19.275 |
|
Jul |
12.1 |
19.326 |
|
Jun |
12.1 |
19.347 |
|
May |
12.1 |
19.352 |
|
Apr |
12.1 |
19.397 |
|
Mar |
12.0 |
19.293 |
|
Feb |
12.0 |
19.298 |
|
Jan |
12.0 |
19.255 |
|
Dec 2012 |
11.9 |
19.034 |
|
Nov |
11.8 |
18.939 |
|
Oct |
11.7 |
18.828 |
|
Sep |
11.6 |
18.582 |
|
Aug |
11.5 |
18.438 |
|
Jul |
11.5 |
18.375 |
|
Jun |
11.4 |
18.251 |
|
May |
11.3 |
18.089 |
|
Apr |
11.2 |
17.918 |
|
Mar |
11.1 |
17.694 |
|
Feb |
10.9 |
17.411 |
|
Jan |
10.8 |
17.170 |
|
Dec 2011 |
10.7 |
17.080 |
|
Nov |
10.6 |
16.889 |
|
Oct |
10.5 |
16.649 |
|
Sep |
10.4 |
16.494 |
|
Aug |
10.2 |
16.277 |
|
Jul |
10.2 |
16.124 |
|
Jun |
10.0 |
15.953 |
|
May |
10.0 |
15.874 |
|
Apr |
10.0 |
15.795 |
|
Mar |
10.0 |
15.867 |
|
Feb |
10.0 |
15.881 |
|
Jan |
10.1 |
15.964 |
|
Dec 2010 |
10.1 |
16.026 |
Source:
EUROSTAT
Table VD-2
shows the disparity in rates of unemployment in the euro area with 7.9 percent
for the region as a whole and 12.793 million unemployed but 4.4 percent for
Germany and 1.937 million unemployed. At the other extreme is Spain with rate
of unemployment of 15.8 percent and 3.388 million unemployed. The rate of
unemployment of the European Union in Jul 2020 is 7.2 percent with 15.184
million unemployed.
Table VD-2,
Unemployed and Unemployment Rate in Countries and Regions, Millions and %
|
Jul 2020 |
Unemployment
Rate % |
Unemployed
Millions |
|
Euro Zone |
7.9 |
12.793 |
|
Germany |
4.4 |
1.937 |
|
France |
6.9 |
1.996 |
|
Netherlands |
4.5 |
0.419 |
|
Finland |
7.8 |
0.213 |
|
Portugal |
8.1 |
0.410 |
|
Ireland |
5.0 |
0.115 |
|
Italy |
9.7 |
2.454 |
|
Greece |
17.0* |
0.765* |
|
Spain |
15.8 |
3.388 |
|
Belgium |
5.5 |
0.281 |
|
European
Union |
7.2 |
15.184 |
*May 2020
Source:
EUROSTAT
Table VE-2A provides the unemployment rate in
Germany, seasonally adjusted (SA) but not calendar adjusted (NCA), available in
the data bank of EUROSTAT. There is significant decrease from 10.7 percent in
Dec 2005 to 4.4 percent in Jul 2020.
Table VE-2A, Germany,
Unemployment Rate in Percent of Labor Force, SA NCA, Eurostat Data Bank
|
Jul 2020 |
4.4 |
|
Jun |
4.3 |
|
May |
4.2 |
|
Apr |
4.0 |
|
Mar |
3.8 |
|
Feb |
3.6 |
|
Jan |
3.4 |
|
Dec 2019 |
3.3 |
|
Nov |
3.2 |
|
Oct |
3.1 |
|
Sep |
3.1 |
|
Aug |
3.0 |
|
Jul |
3.0 |
|
Jun |
3.0 |
|
May |
3.1 |
|
Apr |
3.1 |
|
Mar |
3.2 |
|
Feb |
3.2 |
|
Jan |
3.3 |
|
Dec 2018 |
3.3 |
|
Nov |
3.3 |
|
Oct |
3.4 |
|
Sep |
3.4 |
|
Aug |
3.4 |
|
Jul |
3.4 |
|
Jun |
3.4 |
|
May |
3.4 |
|
Apr |
3.4 |
|
Mar |
3.5 |
|
Feb |
3.5 |
|
Jan |
3.6 |
|
Dec 2017 |
3.6 |
|
Nov |
3.6 |
|
Oct |
3.7 |
|
Sep |
3.7 |
|
Aug |
3.7 |
|
Jul |
3.7 |
|
Jun |
3.8 |
|
May |
3.8 |
|
Apr |
3.8 |
|
Mar |
3.9 |
|
Feb |
3.9 |
|
Jan |
3.9 |
|
Dec 2016 |
3.9 |
|
Nov |
3.9 |
|
Oct |
4.0 |
|
Sep |
4.0 |
|
Aug |
4.1 |
|
Jul |
4.2 |
|
Jun |
4.2 |
|
May |
4.2 |
|
Apr |
4.3 |
|
Mar |
4.3 |
|
Feb |
4.4 |
|
Jan |
4.4 |
|
Dec 2015 |
4.5 |
|
Nov |
4.5 |
|
Oct |
4.5 |
|
Sep |
4.5 |
|
Aug |
4.6 |
|
Jul |
4.6 |
|
Jun |
4.7 |
|
May |
4.7 |
|
Apr |
4.7 |
|
Mar |
4.7 |
|
Feb |
4.8 |
|
Jan |
4.8 |
|
Dec 2014 |
4.9 |
|
Nov |
4.9 |
|
Oct |
5.0 |
|
Sep |
5.0 |
|
Aug |
5.0 |
|
Jul |
5.0 |
|
Jun |
5.0 |
|
May |
5.0 |
|
Apr |
5.0 |
|
Mar |
5.1 |
|
Feb |
5.1 |
|
Jan |
5.1 |
|
Dec 2013 |
5.1 |
|
Nov |
5.1 |
|
Oct |
5.1 |
|
Sep |
5.2 |
|
Aug |
5.2 |
|
Jul |
5.2 |
|
Jun |
5.2 |
|
May |
5.3 |
|
Apr |
5.3 |
|
Mar |
5.3 |
|
Feb |
5.4 |
|
Jan |
5.4 |
|
Dec 2012 |
5.3 |
|
Nov |
5.3 |
|
Oct |
5.3 |
|
Sep |
5.3 |
|
Aug |
5.3 |
|
Jul |
5.4 |
|
Jun |
5.4 |
|
May |
5.4 |
|
Apr |
5.4 |
|
Mar |
5.4 |
|
Feb |
5.4 |
|
Jan |
5.5 |
|
Dec 2011 |
5.5 |
|
Nov |
5.6 |
|
Oct |
5.6 |
|
Sep |
5.7 |
|
Aug |
5.7 |
|
Jul |
5.8 |
|
Jun |
5.8 |
|
May |
5.9 |
|
Apr |
6.0 |
|
Mar |
6.1 |
|
Feb |
6.2 |
|
Jan |
6.4 |
|
Dec 2010 |
6.5 |
|
Dec 2009 |
7.5 |
|
Dec 2008 |
7.2 |
|
Dec 2007 |
8.1 |
|
Dec 2006 |
9.4 |
|
Dec 2005 |
10.7 |
Source: Source:
EUROSTAT
VF France.
Table VF-FR provides growth rates of GDP of France with the estimates of
Institut National de la Statistique et des Études Économiques (INSEE). The
long-term rate of GDP growth of France from IVQ1949 to IVQ2019 is quite high at
3.1 percent. France’s growth rates were quite high in the four decades of the
1950s, 1960, 1970s and 1980s with an average growth rate of 4.0 percent
compounding the average rates in the decades and discounting to one decade. The
growth impulse diminished with 2.0 percent in the 1990s and 1.8 percent from
2000 to 2007. The average growth rate from 2000 to 2019, using fourth quarter
data, is 1.2 percent because of the sharp impact of the global recession from
IVQ2007 to IIQ2009. GDP fell 9.9 percent from IVQ2007 to IIQ2020 in the global recession, with output in the US
reaching a high in Feb 2020 (https://www.nber.org/cycles.html), in the
lockdown of economic activity in the COVID-19 event. Cobet and Wilson (2002)
provide estimates of output per hour and unit labor costs in national currency
and US dollars for the US, Japan and Germany from 1950 to 2000 (see Pelaez and
Pelaez, The Global Recession Risk (2007), 137-44). The average yearly
rate of productivity change from 1950 to 2000 was 2.9 percent in the US, 6.3
percent for Japan and 4.7 percent for Germany while unit labor costs in USD
increased at 2.6 percent in the US, 4.7 percent in Japan and 4.3 percent in
Germany. From 1995 to 2000, output per hour increased at the average yearly
rate of 4.6 percent in the US, 3.9 percent in Japan and 2.6 percent in Germany
while unit labor costs in US fell at minus 0.7 percent in the US, 4.3 percent
in Japan and 7.5 percent in Germany. There was increase in productivity growth
in the G7 in Japan and France in the second half of the 1990s but significantly
lower than the acceleration of 1.3 percentage points per year in the US. Lucas
(2011May) compares growth of the G7 economies (US, UK, Japan, Germany, France,
Italy and Canada) and Spain, finding that catch-up growth with earlier rates
for the US and UK stalled in the 1970s.
Table VF-FR, France, Average
Growth Rates of GDP Fourth Quarter, 1949-2018
|
Period |
Average ∆% |
|
1949-2019 |
3.1 |
|
2007-2020****** |
Absolute Change: -9.9 |
|
2007-2019***** |
0.9 |
|
2007-2018**** |
0.9 |
|
2007-2017*** |
0.8 |
|
2007-2016** |
0.6 |
|
2007-2015* |
0.5 |
|
2007-2014 |
0.4 |
|
2000-2019 |
1.2 |
|
2000-2018 |
1.2 |
|
2000-2017 |
1.2 |
|
2000-2016 |
1.1 |
|
2000-2015 |
1.1 |
|
2000-2014 |
1.1 |
|
2000-2007 |
1.8 |
|
1990-1999 |
2.0 |
|
1980-1989 |
2.7 |
|
1970-1979 |
3.7 |
|
1960-1969 |
5.7 |
|
1950-1959 |
4.2 |
*IVQ2007 to IVQ2015 **IVQ2007
to IVQ2016 ***IVQ2007 to IVQ2017 ****IVQ2007 to IVQ2018 *****IVQ2007 to IVQ2019
******IVQ2007-IIQ2020
Source: Institut National de
la Statistique et des Études Économiques
https://www.insee.fr/en/statistiques/4501850
Growth of GDP in a quarter relative to
the prior quarter for France is in Table VF-1. GDP decreased 0.1 percent in
IVQ2012 and changed 0.0 percent in IQ2013, rebounding with growth of 0.7
percent in IIQ2013. GDP changed 0.0 percent in IIIQ2013. GDP increased 0.5
percent in IVQ2013. GDP increased 0.1 percent in IQ2014. GDP increased 0.1
percent in IIQ2014. GDP increased 0.4 percent in IIIQ2014 and increased 0.1
percent in IVQ2014. GDP increased 0.5 percent in IQ2015 and changed 0.0 percent
in IIQ2015. GDP increased 0.3 percent in IIIQ2015 and increased 0.1 percent in
IVQ2015. GDP increased 0.7 percent in IQ2016. GDP decreased 0.2 percent in
IIQ2016. GDP increased 0.2 percent in IIIQ2016 and increased 0.6 percent in
IVQ2016. GDP increased 0.8 percent in IQ2017 and increased 0.7 percent in
IIQ2017. GDP increased 0.7 percent in IIIQ2017.
GDP increased 0.8 percent in IVQ2017. GDP increased 0.1 percent in
IQ2018. GDP increased 0.2 percent in IIQ2018. GDP increased 0.4 percent in
IIIQ2018. GDP increased 0.7 percent in
IVQ2018. GDP increased 0.5 percent in IQ2019. GDP increased 0.2 percent in
IIQ2019. GDP increased 0.2 percent in IIIQ2019. GDP decreased 0.2 percent in
IVQ2019. GDP contracted 5.9 percent in IQ2020 in the global recession, with output in the
US reaching a high in Feb 2020 (https://www.nber.org/cycles.html), in the
lockdown of economic activity in the COVID-19 event. GDP contracted 13.8 percent in
IIQ2020. The French economy grew 0.2 percent in IVQ2011, increasing 0.1 percent
in IQ2012, contracting 0.2 percent in IIQ2012 and growing 0.2 percent in
IIIQ2012. In the four quarters of 2012 and the first quarter of 2013, France’s
GDP contracted in two quarters and stagnated in one quarter. Growth in the ten
quarters of expansion from IIIQ2009 to IVQ2011 accumulated 4.7 percent at the
annual equivalent rate of 1.9 percent. Recovery has been much weaker than the
cumulative 2.6 percent in the four quarters of 2006. The GDP of France
contracted 3.9 percent from the pre-recession peak in IQ2008 at €525,558
million SA-WDA (seasonally adjusted working day adjusted volumes chained at
previous year prices) to the trough in IIQ2009 at €505,098 million SA-WDA. The
GDP of France decreased 10.3 percent from the pre-recession peak in IQ2008 at
€525,558 million SA-WDA to €471,276 million SA-WDA in IIQ2020 at the annual
equivalent rate of minus 0.9 percent. French GDP decreased 6.7 percent from
€505,098 million SA-WDA in IIQ2009 to €471,276 million SA-WDA in IIQ2020 at the
annual equivalent rate of minus 0.8 percent. French GDP in IIQ2020 is 27.9
percent below trend at average 1.8 percent from 2000 to 2007. Weak recoveries
in advanced economies have prevented full utilization of labor, capital and
productive resources.
Table VF-1,
France, Quarterly Real GDP Growth, Quarter on Prior Quarter ∆%
|
|
IQ |
IIQ |
IIIQ |
IVQ |
|
2020 |
-5.9 |
-13.8 |
|
|
|
2019 |
0.5 |
0.2 |
0.2 |
-0.2 |
|
2018 |
0.1 |
0.2 |
0.4 |
0.7 |
|
2017 |
0.8 |
0.7 |
0.7 |
0.8 |
|
2016 |
0.7 |
-0.2 |
0.2 |
0.6 |
|
2015 |
0.5 |
0.0 |
0.3 |
0.1 |
|
2014 |
0.1 |
0.1 |
0.4 |
0.1 |
|
2013 |
0.0 |
0.7 |
0.0 |
0.5 |
|
2012 |
0.1 |
-0.2 |
0.2 |
-0.1 |
|
2011 |
1.0 |
0.0 |
0.3 |
0.2 |
|
2010 |
0.4 |
0.5 |
0.6 |
0.7 |
|
2009 |
-1.7 |
-0.1 |
0.2 |
0.7 |
|
2008 |
0.4 |
-0.5 |
-0.3 |
-1.4 |
|
2007 |
0.7 |
0.8 |
0.3 |
0.2 |
|
2006 |
0.8 |
1.0 |
0.0 |
0.8 |
|
2005 |
0.3 |
0.2 |
0.5 |
0.8 |
|
2004 |
0.9 |
0.6 |
0.3 |
0.7 |
|
2003 |
0.2 |
-0.2 |
0.7 |
0.8 |
|
2002 |
0.4 |
0.5 |
0.4 |
0.0 |
|
2001 |
0.6 |
0.1 |
0.3 |
0.0 |
|
2000 |
1.0 |
1.0 |
0.6 |
0.8 |
|
1999 |
0.6 |
0.9 |
1.2 |
1.4 |
Source:
Institut National de la Statistique et des Études Économiques
https://www.insee.fr/en/statistiques/4647984
https://www.insee.fr/fr/information/2411675#arbo:montrerbranches=theme312
Table
VF-2 provides growth in a quarter of France’s GDP relative to a quarter a year
earlier. France has not recovered the rates of growth exceeding 2 percent prior
to the global recession. GDP fell 3.8 percent in IQ2009, 3.4 percent in
IIQ2009, 3.0 percent in IIIQ2009 and 0.9 percent in IVQ2009. Growth in IVQ2011
relative to IVQ2010 was 1.6 percent and GDP growth declined to 0.7 percent in
IQ2012, 0.4 percent in IIQ2012 relative to the same quarter a year earlier, 0.3
percent in IIIQ2012 relative to a year earlier and 0.0 percent in IVQ2012 relative
to a year earlier. Growth in IQ2013 relative to a year earlier was minus 0.1
percent. France’s GDP increased 0.8 percent in IIQ2013 relative to a year
earlier and 0.6 percent in IIIQ2013 relative to a year earlier. GDP increased
1.2 percent in IVQ2013 relative to a year earlier. France’s GDP increased 1.3
percent in IQ2014 relative to a year earlier and increased 0.7 percent in
IIQ2014 relative to a year earlier. GDP increased 1.1 percent in IIIQ2014
relative to a year earlier and increased 0.8 percent in IVQ2014 relative to a
year earlier. GDP increased 1.2 percent in IQ2015 relative to a year earlier
and increased 1.0 percent in IIQ2015 relative to a year earlier. GDP increased 1.0
percent in IIIQ2015 relative to a year earlier and increased 1.0 percent in
IVQ2015 relative to a year earlier. GDP increased 1.1 percent in IQ2016
relative to a year earlier and increased 0.9 percent in IIQ2016 relative to a
year earlier. GDP increased 0.8 percent in IIIQ2016 relative to a year earlier
and increased 1.3 percent in IVQ2016 relative to a year earlier. GDP increased
1.4 percent in IQ2017 relative to a year earlier. GDP increased 2.4 percent in
IIQ2017 relative to a year earlier. GDP increased 2.8 percent in IIIQ2017
relative to a year earlier and increased 3.1 percent in IVQ2017 relative to a
year earlier. GDP increased 2.4 percent in IQ2018 relative to a year earlier
and increased 1.9 percent in IIQ2018 relative to a year earlier. GDP increased
1.6 percent in IIIQ2018 relative to a year earlier and increased 1.4 percent in
IVQ2018 relative to a year earlier. GDP increased 1.8 percent in IQ2019
relative to a year earlier and increased 1.8 percent in IIQ2019 relative to a
year earlier. GDP increased 1.6 percent in IIIQ2019 relative to a year earlier.
GDP increased 0.8 percent in IVQ2019 relative to a year earlier. GDP contracted
5.7 percent in IQ2020 relative to a year earlier in the global recession, with output in the US reaching a
high in Feb 2020 (https://www.nber.org/cycles.html), in the lockdown of economic activity in the COVID-19
event. GDP contracted 18.9 percent in IIQ2020.
Table VF-2, France, Real GDP Growth Current Quarter Relative
to Same Quarter Year Earlier ∆%
|
|
IQ |
IIQ |
IIIQ |
IVQ |
|
2020 |
-5.7 |
-18.9 |
|
|
|
2019 |
1.8 |
1.8 |
1.6 |
0.8 |
|
2018 |
2.4 |
1.9 |
1.6 |
1.4 |
|
2017 |
1.4 |
2.4 |
2.8 |
3.1 |
|
2016 |
1.1 |
0.9 |
0.8 |
1.3 |
|
2015 |
1.2 |
1.0 |
1.0 |
1.0 |
|
2014 |
1.3 |
0.7 |
1.1 |
0.8 |
|
2013 |
-0.1 |
0.8 |
0.6 |
1.2 |
|
2012 |
0.7 |
0.4 |
0.3 |
0.0 |
|
2011 |
2.9 |
2.4 |
2.1 |
1.6 |
|
2010 |
1.2 |
1.8 |
2.2 |
2.2 |
|
2009 |
-3.8 |
-3.4 |
-3.0 |
-0.9 |
|
2008 |
1.8 |
0.5 |
-0.1 |
-1.7 |
|
2007 |
2.6 |
2.3 |
2.7 |
2.1 |
|
2006 |
2.2 |
3.1 |
2.6 |
2.6 |
|
2005 |
1.9 |
1.5 |
1.7 |
1.7 |
|
2004 |
2.2 |
3.1 |
2.6 |
2.6 |
|
2003 |
1.0 |
0.3 |
0.6 |
1.4 |
|
2002 |
0.8 |
1.2 |
1.2 |
1.2 |
|
2001 |
3.0 |
2.2 |
1.9 |
1.0 |
|
2000 |
4.4 |
4.5 |
4.0 |
3.4 |
|
1999 |
2.9 |
2.9 |
3.4 |
4.0 |
Source: Institut National de la Statistique et des Études
Économiques
https://www.insee.fr/en/statistiques/4647984
https://www.insee.fr/fr/information/2411675#arbo:montrerbranches=theme312
Chart VF-1
provides the GDP of France from IQ1949 to IQ2017. There was substantial drop
during the global recession followed by hesitant growth and more recent higher
growth. The update is here: https://www.insee.fr/en/statistiques/serie/010565708#Graphique
Chart VF-1, France, Quarterly Real GDP, Seasonally and
Working Day Adjusted, IQ1949-IQ2017
Source: Institut National de la Statistique et des Études
Économiques
https://www.insee.fr/en/statistiques/3047950
The update is here: https://www.insee.fr/en/statistiques/serie/010565708#Graphique
https://www.insee.fr/en/statistiques/serie/010565708#Graphique
Percentage
changes and contributions of segments of GDP in France are in Table VF-3.
Internal demand added 0.6 percentage points to GDP growth in IIIQ2019. Internal
demand added 0.3 percentage points to GDP growth in IVQ2019. Internal demand
deducted 6.3 percentage points from GDP growth in IQ2020 in the global
recession, with output in the US reaching a high in Feb 2020 (https://www.nber.org/cycles.html), in the
lockdown of economic activity in the COVID-19 event. Internal demand deducted
12.2 percentage points in IIQ2020. Net trade deducted 0.3 percentage points in
IIIQ2019. Net trade contributed 0.0 percentage points in IVQ2019. Net trade net
trade deducted 0.1 percentage points in IQ2020. Net trade deducted 2.5
percentage points in IIQ2020.
Table VF-3,
France, Contributions to GDP Growth, Percentage Change from Preceding Period
Calendar and Seasonally Adjusted, %
|
∆% from Prior
Period |
IIIQ 2019 |
IVQ2019 |
IQ2020 |
IVQ2020 |
2020Q2 /2019Q2 |
|
GDP |
0.2 |
-0.2 |
-5.9 |
-13.8 |
-18.9 |
|
Imports |
0.6 |
-0.8 |
-5.6 |
-16.4 |
-21.2 |
|
Household
Consump. |
0.4 |
0.3 |
-5.8 |
-11.5 |
-16.1 |
|
Govt. |
0.5 |
0.4 |
-3.3 |
-10.3 |
-12.4 |
|
GFCF |
1.2 |
0.2 |
-10.0 |
-14.9 |
-22.4 |
|
Exports |
-0.5 |
-0.9 |
-6.0 |
-25.0 |
-30.5 |
|
% Point |
|
|
|
|
|
|
Internal
Demand ex Inventory Changes |
0.6 |
0.3 |
-6.3 |
-12.2 |
-16.9 |
|
Inventory
Changes |
-0.1 |
-0.5 |
0.5 |
0.9 |
0.7 |
|
Net Foreign
Trade |
-0.3 |
0.0 |
-0.1 |
-2.5 |
-2.8 |
Notes:
Consump.: Consumption; Gvt.: Government; GFCF: Gross Fixed Capital Formation;
Contribus.: Contributions; OVHG: “annual growth rate carried over at the
mid-year point.”
Source:
Institut National de la Statistique et des Études Économiques
https://www.insee.fr/en/statistiques/4647984
https://www.insee.fr/fr/information/2411675#arbo:montrerbranches=theme312
Data on
Italy’s labor market since 2004 are in Table VG-1A. The unemployment rate has
risen from 6.2 percent in Dec 2006 to 9.7 percent in Jul 2020. The rate of
youth unemployment for ages 15 to 24 years increased from 20.2 percent in Dec
2006 to 31.1 percent in Jul 2020. As in other advanced economies, unemployment
has reached high levels.
Table VG-1, Italy, Labor Report
|
|
Participation Rate % |
Employment Ratio % |
Unemployment Rate % |
Unemployment |
|
Jul 2020 |
64.2 |
57.8 |
9.7 |
31.1 |
|
Jun |
63.6 |
57.6 |
9.3 |
29.6 |
|
May |
63.1 |
57.6 |
8.5 |
28.3 |
|
Apr |
62.3 |
57.7 |
7.3 |
26.0 |
|
Mar |
64.2 |
58.6 |
8.5 |
27.4 |
|
Feb |
65.2 |
59.0 |
9.4 |
28.4 |
|
Jan |
65.3 |
58.9 |
9.6 |
28.7 |
|
Dec 2019 |
65.3 |
58.9 |
9.6 |
28.2 |
|
Nov |
65.6 |
59.2 |
9.5 |
28.0 |
|
Oct |
65.4 |
59.0 |
9.5 |
27.6 |
|
Sep |
65.6 |
59.1 |
9.7 |
28.4 |
|
Aug |
65.5 |
59.1 |
9.5 |
27.4 |
|
Jul |
65.5 |
59.1 |
9.7 |
27.9 |
|
Jun |
65.8 |
59.3 |
9.6 |
27.5 |
|
May |
65.9 |
59.1 |
10.1 |
29.8 |
|
Apr |
65.9 |
59.0 |
10.3 |
31.0 |
|
Mar |
66.0 |
59.0 |
10.4 |
30.0 |
|
Feb |
65.7 |
58.7 |
10.4 |
31.5 |
|
Jan |
65.6 |
58.6 |
10.4 |
31.7 |
|
Dec 2018 |
65.6 |
58.7 |
10.3 |
32.0 |
|
Nov |
65.6 |
58.5 |
10.5 |
32.1 |
|
Oct |
65.8 |
58.6 |
10.7 |
32.8 |
|
Sep |
65.5 |
58.6 |
10.3 |
32.0 |
|
Aug |
65.4 |
58.6 |
10.2 |
32.1 |
|
Jul |
65.5 |
58.6 |
10.4 |
31.4 |
|
Jun |
65.9 |
58.7 |
10.8 |
32.7 |
|
May |
65.8 |
58.7 |
10.6 |
32.0 |
|
Apr |
65.9 |
58.5 |
11.0 |
33.1 |
|
Mar |
65.7 |
58.4 |
10.9 |
32.6 |
|
Feb |
65.4 |
58.2 |
10.8 |
33.4 |
|
Jan |
65.5 |
58.2 |
11.0 |
32.5 |
|
Dec 2017 |
65.3 |
58.1 |
10.9 |
32.3 |
|
Nov |
65.7 |
58.3 |
11.0 |
33.0 |
|
Oct |
65.5 |
58.2 |
11.1 |
34.2 |
|
Sep |
65.5 |
58.0 |
11.2 |
34.9 |
|
Aug |
65.7 |
58.1 |
11.4 |
34.3 |
|
Jul |
65.6 |
58.0 |
11.4 |
34.7 |
|
Jun |
65.2 |
57.8 |
11.1 |
34.7 |
|
May |
65.3 |
57.8 |
11.4 |
36.7 |
|
Apr |
65.3 |
57.8 |
11.1 |
35.7 |
|
Mar |
65.3 |
57.7 |
11.5 |
36.3 |
|
Feb |
65.5 |
57.8 |
11.4 |
35.3 |
|
Jan |
65.4 |
57.7 |
11.7 |
37.4 |
|
Dec 2016 |
65.4 |
57.6 |
11.7 |
38.2 |
|
Nov |
65.3 |
57.4 |
11.9 |
39.3 |
|
Oct |
65.2 |
57.4 |
11.7 |
36.8 |
|
Sep |
65.2 |
57.4 |
11.8 |
36.6 |
|
Aug |
64.7 |
57.1 |
11.5 |
36.3 |
|
Jul |
65.1 |
57.4 |
11.6 |
37.9 |
|
Jun |
65.1 |
57.4 |
11.6 |
36.6 |
|
May |
64.9 |
57.3 |
11.6 |
37.1 |
|
Apr |
64.8 |
57.1 |
11.7 |
37.5 |
|
Mar |
64.5 |
56.9 |
11.5 |
38.0 |
|
Feb |
64.3 |
56.6 |
11.7 |
38.7 |
|
Jan |
64.4 |
56.8 |
11.5 |
39.1 |
|
Dec 2015 |
64.3 |
56.7 |
11.6 |
38.2 |
|
Nov |
64.1 |
56.7 |
11.4 |
37.3 |
|
Oct |
64.3 |
56.7 |
11.6 |
39.6 |
|
Sep |
64.1 |
56.6 |
11.4 |
39.0 |
|
Aug |
64.1 |
56.6 |
11.5 |
39.3 |
|
Jul |
63.9 |
56.3 |
11.7 |
38.0 |
|
Jun |
64.1 |
56.2 |
12.2 |
42.2 |
|
May |
64.0 |
56.0 |
12.2 |
41.0 |
|
Apr |
64.0 |
56.1 |
12.2 |
41.6 |
|
Mar |
64.0 |
55.8 |
12.5 |
42.5 |
|
Feb |
64.0 |
56.0 |
12.3 |
42.6 |
|
Jan |
63.9 |
55.9 |
12.3 |
41.4 |
|
Dec 2014 |
63.9 |
55.9 |
12.3 |
41.1 |
|
Nov |
64.3 |
55.8 |
13.0 |
43.1 |
|
Oct |
64.3 |
55.9 |
12.8 |
42.1 |
|
Sep |
64.2 |
55.9 |
12.7 |
42.0 |
|
Aug |
63.7 |
55.7 |
12.4 |
42.4 |
|
Jul |
64.0 |
55.8 |
12.6 |
43.4 |
|
Jun |
63.7 |
55.8 |
12.1 |
42.2 |
|
May |
63.9 |
55.7 |
12.6 |
42.8 |
|
Apr |
63.5 |
55.4 |
12.6 |
43.1 |
|
Mar |
63.8 |
55.7 |
12.6 |
43.5 |
|
Feb |
63.7 |
55.4 |
12.8 |
42.8 |
|
Jan |
63.6 |
55.3 |
12.8 |
43.2 |
|
Dec 2013 |
63.5 |
55.5 |
12.4 |
42.2 |
|
Dec 2012 |
63.5 |
56.1 |
11.4 |
38.0 |
|
Dec 2011 |
62.8 |
56.7 |
9.6 |
31.6 |
|
Dec 2010 |
61.9 |
56.8 |
8.1 |
28.2 |
|
Dec 2009 |
62.1 |
56.9 |
8.3 |
26.5 |
|
Dec 2008 |
62.5 |
58.2 |
6.8 |
22.6 |
|
Dec 2007 |
62.9 |
58.8 |
6.5 |
21.5 |
|
Dec 2006 |
62.4 |
58.4 |
6.2 |
20.2 |
|
Dec 2005 |
62.5 |
57.7 |
7.5 |
23.6 |
|
Dec 2004 |
62.4 |
57.5 |
7.8 |
23.7 |
Source:
Istituto Nazionale di Statistica
https://www.istat.it/it/archivio/246805
© Carlos M. Pelaez, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020
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