ECONOMY

Unemployment drops to 25.9 percent in August

Greece’s unemployment rate reached 25.9 percent in August, down from 26.1 percent recorded the previous month and 27.8 percent recorded in August, 2013, according to figures released by the Hellenic Statistical Authority, ELSTAT, on Thursday.

According to the agency, the figures referred to the seasonally adjusted unemployment rate for people in the 15-74 age group. The seasonal adjustment is a statistical method that aims to remove the influence of seasonal components from the survey’s estimates and reveal the underlying trend in the labor market, the agency stated.

According to the report, the seasonally adjusted number of employed people came to 3,551,148, while those unemployed stood at 1,242,219 people and those described at inactive as 3,334,759. The survey pointed to the number of employed increasing by 32,636 people in August compared to the same month last year (0.9 perent increase), and decreased by 15,698 people compared with July 2014 (0.4 percent decrease).

The number of unemployed decreased by 112,186 people (8.3 percent decrease) compared to August 2013 and by 20,398 people compared to July 2014 (1.6 percent decrease).