Monday, August 6, 2007

Unemployment in U.S. vs. Europe

Anytime someone tries to point out how wonderfully productive the US economy is compared with Europe, ostensibly because of less restrictive labor laws, and points to the ostensibly low US unemployment rate, remember to pull out the Labor Force Participation Rate (which corrects for the unemployment rate's not showing long term unemployed):
Current stats for US:
As of July 2007, the U.S. is at 66.1.

OECD stats for 1999

CountryLabor Force Participation Rate
Sweden 75.7
France 68.5

I'll try to get more current OECD stats.

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