As mentioned above the U.S. subprime mortgage crisis of 2008 caused a financial crisis worldwide, which proved to be the downswing phase of the top index Kondratieff-wave described by the Russian Korotayev and Tsirel (2010). A concomitant phenomenon of all the recessions is the increase of the unemployment rate in countries presented Table 1 by the help of the Eurostat Database. Reviewing a range of special literature dealing with unemployment issues, it is obvious that this short-term indicator has had a significant role among economic indices besides the GDP since centuries (Berridge, 1923; Rappeport, 2010; ONS, 2010).
Source: Eurostat Database, 2000, 2007, 2009; *estimated data