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Greece reels as jobless rate hits record high in June
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Greece’s jobless rate hit a record high of 27.9 percent in June, data showed yesterday, as the labor market continued to buckle in a deep recession with austerity policies linked to the country’s bailout.
Unemployment rose from 27.6 percent in May, and was more than twice the average rate in the eurozone of 12.1 percent in July. The latest reading was the highest since Greek statistics service ELSTAT began publishing monthly jobless data in 2006.
Such data, however, tends to lag other growth indicators, which Eurobank economist Platon Monokroussos said were painting a slightly less bleak picture. “Recent data for the annual change in employment and new private sector hirings suggest the jobless rate may be approaching a cyclical peak,” he said.
The government has also suggested that there are tentative signs of Greece having hit bottom. Prime Minister Antonis Samaras said last week he believed the 2013 slump would be smaller than forecast and economic pain would ease next year.
Financial daily Naftemporiki reported yesterday the finance ministry is now looking at a 3.8 percent contraction this year versus the 4.2 percent forecast by international lenders.
The unemployment rate, meanwhile, has more than tripled since 2008, the start of a six-year recession which has wiped out about a quarter of Greece’s economy.
Joblessness is a major headache for the government as it scrambles to hit fiscal targets and carry out structural reforms demanded by its creditors.
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