No im­prove­ment to jobless rate in Oct

Kathimerini English - - Focus -

Greece’s jobless rate stood at 18.6 per­cent in Oc­to­ber, un­changed from the pre­vi­ous month, data from the coun­try’s sta­tis­tics ser­vice ELSTAT showed yes­ter­day. Oc­to­ber’s un­em­ploy­ment is the low­est read­ing since July 2011. Sea­son­ally ad­justed data showed the num­ber of un­em­ployed at 875,997 peo­ple, with younger per­sons aged up to 24 bear­ing the brunt of be­ing out of work. Among younger per­sons aged 15 to 24, the jobless rate fell to 38.5 per­cent from 41.3 per­cent in the same month in 2017. Greece’s jobless rate, which hit a record high of 27.8 per­cent in Septem­ber 2013, has been com­ing down since but re­mains the high­est in the euro­zone. The govern­ment ex­pects un­em­ploy­ment to de­cline to 18.2 per­cent this year as the econ­omy re­cov­ers, based on pro­jec­tions in its 2019 bud­get. Greece’s econ­omy ex­panded for a ninth straight quar­ter in July-to-Septem­ber and at a slower pace than the quar­ter be­fore. Un­em­ploy­ment in the 19 coun­tries shar­ing the euro was re­vised down to 8 per­cent in Oc­to­ber from a pre­vi­ous 8.1 per­cent, ac­cord­ing to Euro­stat.

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