BUSINESS

June unemployment drops to 17 pct, lowest since May 2011

TAGS: Employment, Statistics

Greece’s jobless rate fell to 17 percent in June from a downwardly revised 17.1 percent in the previous month, data from the country’s statistics service ELSTAT showed on Thursday.

The jobless rate in June was the lowest reading since May 2011.

Seasonally adjusted data showed the number of unemployed at 805,115 people, with younger persons aged up to 24 bearing the brunt of being out of work.

Among younger persons aged 15 to 24, the jobless rate fell to 35.5 percent from 38.5 percent in the same month in 2018.

Greece’s jobless rate, which hit a record high of 27.8 percent in September 2013, has been falling since but remains the highest in the euro zone.

In its spring forecasts, the EU Commission expects some slowdown in Greece’s labour market recovery due to a recent increase in the statutory minimum wage. It projects a jobless rate of 18.2 percent this year.

Greece’s economy remained on the path of recovery in April-to-June, with its pace of expansion picking up from the first quarter thanks to a boost from net exports and government spending.

[Reuters]

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