A very good risk barometer to export confusion coming out of Asia. Which as we know feeds US consumption. US consumption down = Asian unemployment up (sans goverment stimulus)
"South Korea’s unemployment rate rose for the first time in five months in June as government employment programs began to wind down. The jobless rate climbed to 3.5 percent from 3.2 percent in May..."
from bloomberg
Remember South Korea ate into it's FX reserves to stablize the EUR in May 2010...not much of a cushion left.
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