by Steven Hill

Hardly a day goes by without a new headline screaming about the scandal of youth unemployment, which has been pinned at the outrageous levels of 50 per cent in Spain and Greece and above 20 per cent in the eurozone.

There’s just one problem – those numbers are derived from a flawed methodology, which misrepresents the true level of unemployment among young people, making it look far worse than it is. Indeed, the same methodology is also used to measure adult unemployment rates and probably underestimates that figure. The way we estimate unemployment is giving us a skewed view of reality.

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