Global Economy -- Based On Unemployment Numbers -- Seems To Be Doing Just Fine -- May 3, 2024

Locator: 47047ECONOMY.

Global economy: in much better economic condition that most folks realize. Unemployment globally is not a major issue. Unemployment is one of three components of "stagflation."

US unemployment: link here to the Washington Post. Sets record of most consecutive months (27?) with unemployment below 4%.

This is the data point that was responsible for the surge in the market today, Friday, May 3, 2024, along with Apple's March quarter results and Amgen's weight medication announcement.

But, Europe, also is doing very, very well, link here.

Unemployment in the Eurozone remained at a record low of 6.5% in March, the same as February. 

The biggest economy of the bloc, Germany, appears to have a fairly static unemployment rate which remained at 3.2% for the first three months of the year.

Meanwhile the fourth largest economy, Spain, is battling the highest jobless rate in Europe, though it has been inching down each month, from 11.9% in January, to 11.7% in March.

The second biggest economy, France, has seen a similar pace of lowering its own rate, which was 7.3% in March, while Italy, the fourth largest contributor to the European GDP, reported an unexpected drop in its unemployment rate to 7.2%, the lowest in more than 15 years, from a downwardly revised 7.4% in the previous month.

Among the 27 countries in the European Union, the Czech Republic and Poland are the only two with the lowest rate, at just under 3%.