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And You Thought American Unemployment Was Bad…


Say what you will about the massaged and manipulated US unemployment rate, record warm winter stimulated monthly NFP print, composition and (lack of) quality of jobs, at least (and we use the term very loosely as this is only thanks to trillions and trillions in fiscal and monetary stimulus) the cumulative jobs trend is one of increase. In the US. Europe is a different matter. Because while even at 100,000 jobs added every month, as the chart that some have dubbed the “scariest chart in the world” shows, the US is adding jobs – why: look at this chart and all shall be made clear. Yes, adding debt at a breakneck speed is helping, but all this is doing is delaying the inevitable pain at the end, but in a world where everyone is only focused on the here and now, that is all that matters. Which, however is more than can be said for Europe. Sadly, while the US is slowly converting jobs gained (at a 2% GDP growth rate, in exchange for a public debt rising at double+ that pace), Europe is about to see the cumulative job loss number since the GFC slide to the the lowest since the crisis hit, and then go bidless. At that point it will merely be a question of how long until Europe is swept up in one massive revolution as the people say “no more” to prudent fiscal strategy and demand more, more, more of the debt heroin that is making their neighbors across the Atlantic appear so healthy on the surface, if projected to be 75% obese by 2020.

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