The majority of the economists are assuming that the crisis is over and the world economy is recovering, nobody has secure empirical evidence in order to ensure and add value to their thesis. One aspect this week seems quite clear: European economy is facing the consequences of the financial crisis in form of unemployment. This recession has changed the world and the job market with it, it will delay the recovery limiting the consumer spending on goods and services.
The first article on the topic that I have taken into consideration is from the Wall Street Journal; it is absolutely the best article in terms of clarity, objectivity and awareness on the topic. From the first few paragraphs it is giving a clear way of viewing and interpreting the news with facts and figure; the first sentence of the article is explanatory of my point of view and a clear statement of the actual European economy: “with job losses continuing to mount, euro-zone consumers are unlikely to support the currency area's nascent recovery by spending heavily in the months ahead”. The second part of the article is dedicated to the interviews that state what will happen in the following months: "Underlying inflationary pressures are likely to remain extremely low for some considerable time to come due to large output gaps, intense competition, high and rising unemployment, and the strong euro, "There is no room for complacency, particularly in view of the increase in unemployment levels…The incipient recovery needs close monitoring and the supporting policies should not be withdrawn until the recovery is fully secured."
This newspaper uses always the same technique to communicate the news: being direct, clear and precise in order to give the readers the possibility to create its own ideas.
BBC News uses a completely different approach to the news: the entire article is based on numbers and comparison between different countries. The use of subtitle makes the structure clearer and more comprehensive to the reader, it mainly focus on three aspects: youth unemployment, future forecast and the risk of inflation. As the article from the WSJ, they have interviewed various economists to have a wider idea of what will come after: "The unemployment rate will continue to rise in coming months… What you tend to see in Europe is that labour market adjustments take some time, especially compared to the US, where jobs are slashed much more quickly."
As it possible to notice from the simplicity of the article, BBC targets middle-class man with not direct interest in the matter that want to be well informed without entering too much in details.
In order to understand how is presented, in each country, this news; the third article analyzed was gathered from the Italian financial newspaper Il Sole 24 Ore. Also this article is based on comparison as an approach to the news but from the historic point of view comparing the 2008 and 2009 figures and explaining the consequences of the rise in the unemployment. It dramatizes the news in order to attract and frighten more readers exaggerating with figures without giving them a clear explanation. Unfortunately also this article is expecting unemployment will peak at around 11% at the end of 2010, transmitting to the readers a really bad future scenario.
As I wrote in my last post the crisis has moved from the financial sector to the service and industrial sector generating more than five million unemployed in less of a year
Nowadays the world is happy because “our moneys” are again safe in bank without the risk of bankrupt anymore. Nobody have realized that now the “real economy” is suffering and struggling; this is a way more bigger problem because the industrial and service sector were the one of creating new job, product and add value to the economy.
At this point who is in charge of helping small and medium company to overcome this period? Hopefully not the banks.
Wall Street Journal:
http://online.wsj.com/article/SB125689689146418275.html
Il Sole 24 Ore:
BBC News:
Good. 7/10
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