Ergani to show reversal of jobs rise in August


TAGS: Economy

The data of the Labor Ministry’s Ergani system that monitors hirings, which had shown significant growth in hirings over departures in the local labor market in the year up to end-July, are now showing a reversal in favor of departures in August, Kathimerini understands.

The signs of stagnation in unemployment at very high levels are of significant concern to the government and the Finance Ministry, as they come on top of a series of macroeconomic figures that point to the domestic economy being far from recovering.

At the Labor Ministry there is no room for complacency, even though certain partial data, such as the increase in the revenues of the Social Security Foundation (IKA), the shift of undeclared labor to “partially declared,” and the growth in employment – albeit at a declining rate – have a positive tone to them.

Experts are raising the alarm as the very high jobless rate in Greece (at 23.5 percent in May) along with the dramatically reduced chances an unemployed worker in Greece has of returning to the labor market are generating conditions of social exclusion and poverty. In the first quarter of the year just 4.3 percent of the jobless in the previous quarter were able to find a new job, as Eurostat figures showed last week.