Tuesday, July 7, 2009

Labor horror: Iceland wants to know why

According to Deutsche Welle, Iceland's government is dishing out the dough to investigate its economic collapse. And boy, has it collapsed.

This chart is pretty striking; it illustrates the annual change in the unemployment rate in Iceland (red) and the US (blue). You thought that the annual surge in the US unemployment rate was bad, +4.0% over the year to 9.7% (not seasonally adjusted), look at Iceland. Iceland's unemployment rate has blasted through the roof, up 7.7% from 1% since just last year.

Rebecca Wilder

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