Jobless rate jumps to 11.4%

Jobless rate jumps to 11.4%

The unemployment rate jumped to 11.4% in February from 10.3% in January, data from Greece’s independent Statistics Authority (ELSTAT) show.

Experts say the jump can be attributed to layoffs of many temporary workers employed during the winter tourist season.

The jobless rate is still lower than than recorded in February 2022 (13%).

ELSTAT data showed the number if unemployed at the end of February at 526,742, 94,664, or 15.2%, fewer than a year ago, but 53,683 (11.3%) more than in January 2023. The number of employed stood at 4,104,796, or 55,012 fewer than February 2022, despite the drop in the jobless rate. That’s because the number of people under 75 who are neither working nor actively looking for a job rose 118,150 year-to-year to 3,179,414.

Unemployment among women (15.8%) is twice as high as among men (7.8%). Among the young (ages 15-24), the February jobless rate was 29.7%, significantly lower than the 34.2% recorded in February 2022, but higher than in January 2023 (28.1%).

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