Increasing Valuations of Risk Financial Assets, Increase of 661 Thousand Nonfarm Payroll Jobs and 887 Thousand Private Payroll Jobs 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, Thirty-Three Million Unemployed or Underemployed in the Lost Economic Cycle of the Global Recession with Economic Growth Underperforming Below Trend Worldwide, Job Creation, Cyclically Stagnating Real Wages, Cyclically Stagnating Real Disposable Income Per Capita, Financial Repression, World Cyclical Slow Growth, and Government Intervention in Globalization: Part V

Increasing Valuations of Risk Financial Assets, Increase of 661 Thousand Nonfarm Payroll Jobs and 887 Thousand Private Payroll Jobs 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, Thirty-Three Million Unemployed or Underemployed in the Lost Economic Cycle of the Global Recession with Economic Growth Underperforming Below Trend Worldwide, Job Creation, Cyclically Stagnating Real Wages, Cyclically Stagnating Real Disposable Income Per Capita, Financial Repression, World Cyclical Slow Growth, and Government Intervention in Globalization: Part V

Carlos M. Pelaez

© Carlos M. Pelaez, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020.

I Thirty-Three 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

IB Stagnating Real Wages

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 1344.3 thousands in Sep 2020, increasing 6.1 percent from 1267.2 thousands in Sep 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 16.3 million in Sep 2020, higher than 15.2 million in Aug 2020 and lower than 17.1 million in Sep 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 9.060 in Apr 2020 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 12.408 in May 2020 and 13.350 in Jun 2020, 15.002 in Jul 2020 and 15.621 Aug 2020 in gradual return to economic activity. The rate for Sep 2020 increased to 16.756 (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	11.748
April	2020	9.060
May	2020	12.408
June	2020	13.350
July	2020	15.002
August	2020	15.621
September	2020	16.756

Source: Economic Research Division, Federal Reserve Bank of St. Louis

https://fred.stlouisfed.org/series/TOTALSA

Data for Sep 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 9.060 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 Aug 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 3.0 percent, increasing 0.7 percentage points from a year earlier. Population decreased 0.1 percent from a year earlier. The labor force decreased 0.4 percent from a year earlier and the labor participation rate stood at 62.1, decreasing 0.2 percentage points from year earlier. The employment rate moved to 60.3 percent, decreasing 0.6 percentage points relative to a year earlier.

Table VB-1, Japan, Employment Report Jul 2020

Aug 2020 Unemployed	2.06 million
Change since last year	490 thousand; ∆% 31.2
Unemployment rate	SA 3.0%, 0.1 from earlier month. NSA 3.0%, 0.7 from earlier year
Population ≥ 15 years	110.77 million
Change since last year	∆% -0.1
Labor Force	68.82 million
Change since last year	∆% -0.4
Employed	66.76 million
Change since last year	∆% -1.1
Labor force participation rate	62.1
Change since last year	-0.2
Employment rate	60.3%
Change since last year	-0.6

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 0.7 percentage points from 2.3 percent in Aug 2019 to 3.0 percent in Aug 2020.

Table VB-2, Japan, Unemployment Rate, SA

	Unemployment Rate SA
Aug	3.0
Jul	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-Aug 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 Rate	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 8.1 percent in Aug

2020, as shown in Table VD-1. The number of unemployed in Aug 2020 was 13.188 million, which was higher by 0.955 million than 12.233 million in Aug 2019. The rate of unemployment increased from 7.5 percent in Aug 2019 to 8.1 percent in Aug 2020.

Table VD-1, Euro Area, Unemployment Rate and Number of Unemployed, % and Millions, SA 

	Unemployment Rate %	Number Unemployed Millions
Aug 2020	8.1	13.188
Jul	8.0	12.937
Jun	7.8	12.574
May	7.6	12.146
Apr	7.4	11.945
Mar	7.2	11.819
Feb	7.3	11.960
Jan	7.4	12.196
Dec 2019	7.4	12.133
Nov	7.4	12.131
Oct	7.4	12.134
Sep	7.5	12.237
Aug	7.5	12.233
Jul	7.5	12.297
Jun	7.5	12.307
May	7.6	12.431
Apr	7.6	12.543
Mar	7.7	12.643
Feb	7.8	12.721
Jan	7.8	12.782
Dec 2018	7.8	12.827
Nov	7.9	12.930
Oct	8.0	13.092
Sep	8.0	13.069
Aug	8.0	13.109
Jul	8.1	13.213
Jun	8.2	13.410
May	8.2	13.459
Apr	8.4	13.683
Mar	8.5	13.793
Feb	8.5	13.884
Jan	8.6	14.048
Dec 2017	8.7	14.100
Nov	8.7	14.206
Oct	8.8	14.322
Sep	8.9	14.475
Aug	9.0	14.634
Jul	9.0	14.742
Jun	9.1	14.725
May	9.2	14.918
Apr	9.2	14.971
Mar	9.4	15.212
Feb	9.4	15.303
Jan	9.6	15.492
Dec 2016	9.6	15.654
Nov	9.8	15.863
Oct	9.8	15.858
Sep	9.9	16.011
Aug	9.9	16.034
Jul	10.0	16.163
Jun	10.1	16.368
May	10.2	16.452
Apr	10.2	16.559
Mar	10.2	16.575
Feb	10.4	16.754
Jan	10.4	16.748
Dec 2015	10.5	16.870
Nov	10.5	16.905
Oct	10.6	17.075
Sep	10.6	17.076
Aug	10.7	17.154
Jul	10.8	17.310
Jun	11.0	17.654
May	11.0	17.738
Apr	11.1	17.823
Mar	11.2	17.977
Feb	11.2	17.997
Jan	11.3	18.108
Dec 2014	11.4	18.246
Nov	11.5	18.535
Oct	11.5	18.514
Sep	11.5	18.500
Aug	11.5	18.404
Jul	11.6	18.597
Jun	11.5	18.482
May	11.7	18.713
Apr	11.7	18.762
Mar	11.8	18.904
Feb	11.9	19.019
Jan	11.9	19.084
Dec 2013	11.9	19.016
Nov	11.9	19.083
Oct	12.0	19.161
Sep	12.0	19.292
Aug	12.0	19.276
Jul	12.1	19.325
Jun	12.1	19.345
May	12.1	19.354
Apr	12.1	19.397
Mar	12.0	19.292
Feb	12.0	19.298
Jan	12.0	19.257
Dec 2012	11.9	19.035
Nov	11.8	18.937
Oct	11.7	18.829
Sep	11.6	18.582
Aug	11.5	18.437
Jul	11.5	18.376
Jun	11.4	18.249
May	11.3	18.089
Apr	11.2	17.921
Mar	11.1	17.702
Feb	10.9	17.412
Jan	10.8	17.160
Dec 2011	10.7	17.088
Nov	10.6	16.885
Oct	10.5	16.644
Sep	10.4	16.494
Aug	10.2	16.277
Jul	10.2	16.126
Jun	10.0	15.952
May	10.0	15.876
Apr	10.0	15.795
Mar	10.0	15.866
Feb	10.0	15.880
Jan	10.1	15.964
Dec 2010	10.1	16.023

Source: EUROSTAT

https://ec.europa.eu/eurostat

Table VD-2 shows the disparity in rates of unemployment in the euro area with 8.1 percent for the region as a whole and 13.188 million unemployed but 4.4 percent for Germany and 1.964 million unemployed. At the other extreme is Spain with rate of unemployment of 16.2 percent and 3.479 million unemployed. The rate of unemployment of the European Union in Aug 2020 is 7.4 percent with 15.603 million unemployed.

Table VD-2, Unemployed and Unemployment Rate in Countries and Regions, Millions and %

Aug 2020	Unemployment Rate %	Unemployed Millions
Euro Zone	8.1	13.188
Germany	4.4	1.964
France	7.5	2.187
Netherlands	4.6	0.426
Finland	8.1	0.222
Portugal	8.1	0.417
Ireland	5.2	0.121
Italy	9.7	2.467
Greece	18.3*	0.837*
Spain	16.2	3.479
Belgium	5.1	0.258
European Union	7.4	15.603

*Jun 2020

Source: EUROSTAT

https://ec.europa.eu/eurostat

Chart VD-1 of EUROSTAT illustrates the wide difference in rates of unemployment in countries and regions.

Chart VD-1, Unemployment Rate in Various Countries and Regions

Source: EUROSTAT

http://ec.europa.eu/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 Aug 2020.

Table VE-2A, Germany, Unemployment Rate in Percent of Labor Force, SA NCA, Eurostat Data Bank

Aug 2020	4.4
Jul	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	3.3
Jan	3.3
Dec 2018	3.3
Nov	3.3
Oct	3.3
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

https://ec.europa.eu/eurostat

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 Aug 2020. The rate of youth unemployment for ages 15 to 24 years increased from 20.2 percent in Dec 2006 to 32.1 percent in Aug 2020. As in other advanced economies, unemployment has reached high levels.

Table VG-1, Italy, Labor Report

	Participation Rate %	Employment Ratio %	Unemployment Rate %	Unemployment Rate 15-24 Years %
Aug 2020	64.5	58.1	9.7	32.1
Jul	64.3	57.8	9.8	31.8
Jun	63.8	57.6	9.4	30.4
May	63.3	57.7	8.7	28.9
Apr	62.4	57.7	7.4	26.5
Mar	64.2	58.6	8.5	27.8
Feb	65.2	59.0	9.3	28.6
Jan	65.2	58.9	9.5	28.8
Dec 2019	65.3	58.9	9.5	28.2
Nov	65.5	59.2	9.5	27.9
Oct	65.3	59.0	9.5	27.5
Sep	65.6	59.1	9.7	28.3
Aug	65.4	59.1	9.5	26.8
Jul	65.6	59.1	9.7	28.1
Jun	65.8	59.3	9.7	27.5
May	65.9	59.1	10.1	29.8
Apr	66.0	59.0	10.3	31.0
Mar	66.0	59.0	10.4	30.0
Feb	65.7	58.7	10.4	31.4
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	31.9
Apr	65.9	58.5	11.0	33.0
Mar	65.7	58.4	10.9	32.5
Feb	65.4	58.2	10.8	33.4
Jan	65.5	58.2	11.0	32.6
Dec 2017	65.3	58.0	10.9	32.3
Nov	65.7	58.3	11.1	33.1
Oct	65.5	58.2	11.1	34.2
Sep	65.5	58.0	11.2	34.8
Aug	65.7	58.1	11.3	34.4
Jul	65.6	58.0	11.4	34.7
Jun	65.2	57.8	11.2	34.7
May	65.3	57.8	11.4	36.7
Apr	65.3	57.8	11.2	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	38.1
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	65.0	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	38.3
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	42.7
Jan	63.9	55.9	12.3	41.5
Dec 2014	63.9	55.9	12.3	41.0
Nov	64.3	55.8	13.1	43.1
Oct	64.3	55.9	12.8	42.1
Sep	64.2	55.9	12.7	41.9
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	42.9
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/247777

© Carlos M. Pelaez, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020.