ECONOMY

Jobless rate expected to ease early next year

Greece?s growing unemployment rate is expected to start dropping as of the start of next year as employers begin to take advantage of more flexible labor laws, according to a report prepared by Alpha Bank.

The report, published on Thursday, said that the job crisis is likely to start easing as of the last quarter of this year ?after the introduction of more flexibility to the labour market via recent reforms which is expected to favour the hiring of young people, mainly.’

Greece?s 15 to 24 year olds are paying a heavy price for the downturn with 37 percent of workers in that age group looking for work in January, up from 30 percent in the same period a year earlier, according to the Hellenic Statistical Authority (ELSTAT).

The total jobless rate in Greece rose to 15.1 percent in the month from 14.8 percent in December.