Greece’s runaway unemployment rate finally appears to be running out of steam

Greece’s runaway unemployment rate finally appears to be running out of steam as, according to quarterly data released on Thursday by the Hellenic Statistical Authority (ELSTAT), the second-quarter rate came to 27.1 percent, down from 27.4 percent in the previous quarter....

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Greece’s runaway unemployment rate finally appears to be running out of steam



Balkans.com Business News Correspondent - 20.09.2013

Greece’s runaway unemployment rate finally appears to be running out of steam as, according to quarterly data released on Thursday by the Hellenic Statistical Authority (ELSTAT), the second-quarter rate came to 27.1 percent, down from 27.4 percent in the previous quarter. Still, ELSTAT stressed that these figures are not seasonally adjusted like the monthly ones, and the rate is still far higher than that for Q2 of 2012 (23.6 percent).
Whether this quarterly decline is mostly a result of expectations for the sharp increase in tourism traffic seen during the summer remains to be seen and will become clearer when compared with the labor market data for the remainder of the year.
The data for the April-June period showed that the number of people employed came to 3,632,182 while the unemployed numbered 1,350,435. In the 15-24 age group the jobless rate came to 59 percent. More than a third of the unemployed are long-term jobless, meaning they have been seeking work for over 12 months reports Kathimerini.


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