With France imminently approaching national strikes, I just wanted to refresh our memories about long term unemployment.
Long term unemployment is the percent of total people unemployed for more than 1 year.
In France 42% of those who are unemployed have been unemployed for over 12 months.
The reason why this is important is because long term unemployment is an excellent proxy for the laziness of a people.
In the US we're only at 13%
Norway is at 9%.
Perhaps oil is not the only reason for Norway's economic success.