World Economic outlook - Eurozone unemployment rate forecast 2012 : The general consensus now seems to be that the eurozone is entering a recession, though economists disagree on the duration and severity. One can now ask the question about how bad the euro area unemployment is expected to get. JPMorgan is attempting to estimate the unemployment rate using the so called Okun's Law. The law is an empirically based linear relationship between the GDP growth and the unemployment rate
JPMorgan's forecast has the Okun's Law based unemployment rate above 11%, easily exceeding the peak rate in the US. source http://soberlook.com
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