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Unemployment Skyrockets at 25.4% and at 58% for Greek Youth (Aug 2012)

Latest data on unemployment released by the Greek Statistical Authority (ELSTAT) are really shocking: Not only because youth unemployment climbed to 58% and the general unemployment reached 25.4%. But because also these data refer to August, one of the summer months that traditionally offer(ed) seasonal jobs to people. In comparison: unemployment was at 18.4% in August 2011 and 24.8% in July 2012.

Within one month, 36,000 people lost their jobs, that is more than 1,000 people per day.

Number of Employed: 3,726,663

Number of Unemployed: 1,267,595

Number of Inactive: 3,375,297

Almost one in three women is without job as the rate reached 29%. Among men unemployment is at 22.7%.

Among the ages group, highest is the rate in ages 15-24 with 58% and 25-34 with 32.9%.

Among the several regions, Epirus-Western Macedonia leads with 28.5%, followed by Thessaly-Sterea Ellas (Central Greece) with 26.4% and Attica (Athens & surrounding areas) 25.9%.

“In the context of the program undertaken by ELSTAT for the improvement of dissemination and presentation of statistics, and in order to harmonize the presentation of monthly unemployment rate estimates with the presentation of monthly estimates provided by Eurostat, ELSTAT, since January 2012, announces the monthly results of the LFS seasonally adjusted, for persons 15 – 74 years old.

The characteristics surveyed by Labour Force Survey – number of employed, unemployed, etc.– have large seasonal variation: for example, in Greece, employment increases during summer because of tourism (if there are no other countervailing factors).” (Read Full ELSTAT report here  (English)

These data refer only to employees and not self-employed. 

Also some summer programs for unemployed during the summer months certainly compressed the real unemployment figures. The 4-week education programs were organized by Employment Authority OAED and the number of jobless participating were 30,000 people.

The unemployed daughter (26, Economics University degree) of a friend took part in a 4-week program (August/September) to learn everything about the use of PC. She will receive compensation fo 500 euro. For the time of the program, the jobless are not considered as such. 

 Consequently real unemployment rates are much higher.

PS As PM Samaras said yesterday, things will only get better now that the austerity bill has passed , “development and smile will come back”.

Unemployment rates for September are expected to be worse.




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One comment

  1. Samaras has declared last night’s package to be the last austerity package. Although like alomost everybody, I have my doubts, what he most definitely hasn’t told the People of Greece is the effects of the “approved” auterity measures that still have to come down the lines.
    This disgraceful situation, created as a direct result of EU enforced policy on one of its member states, is only one of them. And we haven’t seen the end of it yet. A friend economist (not Greek nor living in Greece) has been looking at the situation as it develops here, and she believes that by February 2013 Greek unemployment figures will be 30%+. She also believes that youth unemployment will stabilize around the 62% percent. Not as a result of auterity measures showing “positive signs” (dixit Merkel yesterday in the EP), but solely and only as a direct result of emigration.