Youth unemployment: Welcome to Fiatlandia \ stacker news ~econ

Youth unemployment: Welcome to Fiatlandia

982 sats \ 18 comments \ @TomK 14 Jan econ

The regionally very high rate of youth unemployment contributes to destabilizing societies. Economic hopelessness is the fuel for despair, and it contributes to the fact that many young adults have to live at home with their parents and thus never have the opportunity to start their own families. The resulting falling birth rate further destabilizes our societies.

Youth unemployment rate:

🇿🇦 South Africa: 58% 🇪🇸 Spain: 27.9% 🇬🇷 Greece: 27.3% 🇵🇹 Portugal: 23.5% 🇸🇪 Sweden: 22% 🇮🇹 Italy: 21% 🇮🇷 Iran: 20.1% 🇱🇺 Luxembourg: 20% 🇧🇪 Belgium: 17.5% 🇫🇷 France: 17.4% 🇹🇷 Turkey: 16.7% 🇭🇺 Hungary: 13.7% 🇬🇧 UK: 12.7% 🇳🇿 New Zealand: 12.1% 🇨🇦 Canada: 11.3% 🇹🇼 Taiwan: 11.27% 🇳🇴 Norway: 11.2% 🇵🇱 Poland: 10.6% 🇦🇹 Austria: 9.7% 🇦🇺 Australia: 9.6% 🇳🇱 Netherlands: 8.2% 🇺🇸 United States: 8% 🇭🇰 Hong Kong: 5.8% 🇩🇪 Germany: 5.6% 🇰🇷 South Korea: 5.3% 🇯🇵 Japan: 3.8% 🇨🇭 Switzerland: 2.1%

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168 sats \ 5 replies \ @riberet19 14 Jan

I live in Spain, and although the data you give is not completely incorrect, since it is "official" data, the data is very manipulated, the figures are higher, and in Spain, if a person just working for a few months is no longer in the unemployment figures for the entire year, everything is manipulated so as not to show the real figure.

21 sats \ 2 replies \ @gmd 14 Jan

That's terrifying

I thought the promise of AI is that we would "free people up" to pivot and do "more interesting things"... you would think these people would be happy with all the free time to be scholars etc...

99 sats \ 1 reply \ @TomK OP 14 Jan

I think the societal transission will be horrible as we need to define a new set of values and morals the moment the calvinist ethos breaks down

0 sats \ 0 replies \ @gmd 14 Jan

Yup. People need a purpose.

0 sats \ 0 replies \ @justanumber 14 Jan

Yes, I came here to say the figures will be fudged in most countries.

0 sats \ 0 replies \ @TomK OP 14 Jan

Yes of course, el ''Perro'' needs to manipulate like all these parasites to keep the people calm. The stats are more for orientation to know where it's worse or better in comparison. That's the world we're living in...

21 sats \ 1 reply \ @OriginalSize 15 Jan

From the comments the bigger story seems to be about manipulation of economic data. I wonder if there's a market for independent data collection.

0 sats \ 0 replies \ @TomK OP 15 Jan

Yes. But i just know about the webpage that calculates real inflation rates.

21 sats \ 1 reply \ @cryotosensei 14 Jan

I think the youth unemployment rate in China is about 20%. That’s why Chinese youths grow disillusioned about their future and subscribe to the “lying flat” (tang ping) phenomenon

0 sats \ 0 replies \ @TomK OP 14 Jan

I read numbers between 25 and 35%. I think the commies messed it up terribly!

21 sats \ 1 reply \ @Caleb 14 Jan

The problem is the government imposes a price floor on certain services. You want to sell your labor for what it’s worth, the employer wants to buy it at that price, but the government says no. You have to sell your labor for way more than it’s worth, so what happens is fewer people are hired, services are reduced, customer prices go up.

Price floors lead to surpluses and price ceilings lead to shortages. Everyone agrees on this, but when you refer to minimum wage, which is simply a price floor on labor, everyone’s emotional monkey brain kicks into overdrive to argue how it’s somehow an exception.

1 sat \ 0 replies \ @TomK OP 14 Jan

I did this several times over the years, writing about minimum wages and its horrible implcations... You are immediately the biggest a..hole of all

0 sats \ 1 reply \ @PRA3S3NT1A 14 Jan

The number is for sure at least 30% in Hungary. Even people who are aged at 40 still living in their parents garden in a different room. I don't think the data is correct.

0 sats \ 0 replies \ @TomK OP 14 Jan

Of course it's manipulated as it needs to serve state actors. But the comparison is possible

0 sats \ 0 replies \ @PRA3S3NT1A 14 Jan

deleted by author

0 sats \ 0 replies \ @shado_op 14 Jan

Stackers should also note that most countries use the International Labour Organisation (ILO) definition of unemployment; ... "This ILO definition defines unemployed people as being:

without a job, have been actively seeking work in the past four weeks and are available to start work in the next two weeks (Or) out of work, have found a job and are waiting to start it in the next two weeks

This definition is used by most other countries, by the Statistical Office of the European Union (Eurostat), and by the Organisation for Economic Co-operation and Development." ...

It is likely that official unemployment always under estimates actual unemployment, because if someone is not working, and says they are not looking/available for immediate work, they are not counted as unemployed!
It is an estimate only, not a count, as the rate is derived from a survey in most countries.

... The ILO definition means you can compare different countries' rates, which is useful, but it is obvs flawed if you want to know the 'real' unemployment rate... ... The quote comes from the UK official stats body, the ONS https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/methodologies/aguidetolabourmarketstatistics#unemployment

0 sats \ 1 reply \ @BlokchainB 14 Jan

Russia?

100 sats \ 0 replies \ @TomK OP 14 Jan

Somewhat around 16% 2 years ago It's difficult to find good data nowadays. I wonder why...