Showing posts with label workforce participation. Show all posts
Showing posts with label workforce participation. Show all posts

Tuesday, July 14, 2015

WHO WORKS THE MOST AND LEAST?

If you work 40hrs/wk for 52 weeks, you will have worked 2080 hrs for the year.  So who works the longest and who works the least in 38 major countries (China not included)?*

Who works the longest? Turns out it is Mexico (2,237 hrs/yr), South Korea (2,i63 hrs/yr), and, surprise, Greece (2.060hrs/yr).  A problem with Greece is that only about 52% of the labor force works.  In contrast 60.5% of the Mexican labor force works and 61.5% (rank 21 out of 38 major countries) of the South Koreans (rank 7).

Then who works the least?  Surprise.  In 38th and last place is Germany at 1,362 hrs/yr, followed by Norway at 1,408 hrs/yr and Netherlands at 1,421 hrs/yr. Germany has about 60.3% of the work force occupied (20th place), Norway at 71.2%(!) (3rd place), and Netherlands at 65.2%  (10th place).  Who beats Norway for work force participation - Sweden at 71.5% (1,607 hrs/yr), and at Number 1 Iceland at 81.4% (1,846 hrs/yr).

The hottest economies were Latvia, Chile and Turkey, all at 4.2% increase in GDP during 2013.  Not surprisingly, Greece had the worst economic performance with a 3.9% decline in GDP, followed by Italy at -1.7% and Portugal at -1.6% (because it is mentioned so much,Spain declined by 1.2%).

Well, where was the U.S. in this?  We ranked 16th in hours-worked/year (1,788 hrs/yr), 9th in GDP gain at 2.2%, and 13th in work force participation (63.2%).

* http://blogs.wsj.com/economics/2015/07/10/are-americans-working-less-than-the-rest-of-the-world/?mod=djemRTE_h