The Greek statistics authority ELSTAT has published its latest figures on the labor force found that the seasonally adjusted unemployment rate was 24.6% in November 2015, compared to 25.9% in November 2014 and to upward revised 24.7% in October 2015.
November’s reading, based on seasonally adjusted data, was the lowest since May 2012 when unemployment stood at 24.0 percent. The jobless rate hit a record high of 27.9 percent in September 2013.
Unemployment has come down from record highs as the economy stabilised last year after a severe slump, but remains more than double the euro zone’s average of 10.4 percent in December.
Number of employed increased
According to the survey, the number of employed amounted to 3,620,750 persons, while the unemployed amounted to 1,180,516 and the number of inactive – that is, persons that neither worked neither looked for a job – to 3,269,077.
Overall, the number of employed increased by 81,751 persons compared with November 2014 (+2.3%) and by 1,003 persons compared to October 2015; the unemployed decreased by 55,857 persons (-4.5%) compared with November 2014 and by 3,718 persons compared to October 2015 (-0.3%); the number of inactive people decreased by 70,780 persons (-2.1%) compared to November 2014 and by 781 persons compared to October 2015 (a negligible change).
Greece’s economy shrank 0.9 percent in the third quarter as capital controls to shore up banks weighed down on investment, exports and consumer spending.
The economy is expected to shrink by 0.7 percent this year.
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