From the May 3 edition of Weldon's Money Monitor
Sovereign debt-deficit-debacle ... Strike One!
Political crisis, rising Socialism ... Strike Two!
And now, overt and broad macro-economic-deflation ... Strike Three!
The EU “went down looking” this morning, “taking” strike three while watching a fastball cross the middle of the “plate” ... as defined by a deluge of macro-economic data releases on the offer in two key member nations – Italy and Germany.
Moreover, we note the breadth and the depth of the decline in a variety of macro-economic data points, across the spectrum of EU nations, from core Germany, to the fiscal-whale to periphery nations such as Hungary.
We begin with the chart on display below plotting the total number of unemployed in the "euro zone" (17 nations) ... the chart speaks for itself.
We focus on the record high set in March, pegged at 17.37 million, up from 17.20 million in February, up from 17.06 million in January, and up from 16.87 million as of end-December. That is a +3.0% nominal increase in the number of unemployed in just the 1Q of this year alone.
And, we note the jaw-dropping expansion of +6.016 million since the March 2008 secular low at 11.349 million, an increase of +53.0% in just four years.
Indeed, the latest data indicates, clearly, an upside acceleration in the number of unemployed in the EU. Taking a mathematical perspective, we note the following sequence of statistics linked to the number of unemployed in the euro zone (17-nations).
The net rise over the last three months (1Q) ... 500,000.
This equates to a 2,000,000 “annualized pace,” since end-December.
The four-year net increase since the March-2008 secular low is 6.016 million,
This equates to 1,504,000 “average annual” increase.