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Nine Countries Where Everyone Has A Job: 24/7 Wall St. (Huffington post)

24/7 Wall St.: Earlier this month, polling agency Gallup released its 2011
global unemployment statistics for 148 countries. Of the nations Gallup
surveyed, nine had unemployment rates below 5%. The majority are in Asia, with
the remainder in central or eastern Europe. 24/7 Wall St. reviewed these nine
countries to determine the underlying causes of their extremely low jobless
rates.

We looked at these countries in light of the fact that some economists believe
that unemployment of 5% or less is considered “full employment.” The argument
is that less than 5% unemployment is impossible once normal turnover, job
deferment and retirement are taken into account. In fact, the agency’s
findings highlight the problem with comparing unemployment levels across
nations; similar unemployment rates in different countries do not necessarily
mean conditions are the same.

After analyzing the data, 24/7 Wall St. concluded that only a minority of the
countries with low unemployment actually have a healthy economy where middle-
class jobs are abundant. Instead, in many nations, employment is either being
created by temporary government public works or these nations have large
amounts of subsistence farming, which is counted as employment.

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Huffington post