Thursday, August 8, 2013

Greek Youth Unemployment Soars To Record 65%

What little hope there may have been that bad and/or deteriorating Greek economic data had peaked in the early part of 2013 and the country was set for a long overdue "recovery" was promptly extinguished following today's latest release of the Greek May labor force survey.

The headline news for the broader population was ugly:

The number of employed was 3,621,153, a decline of 14,889 from April, and down 171,356 from a year earlier

The number of unemployed was a record high 1,381,088, an increase of 43,467 from April, and up 193,668 from a year earlier

The unemployment rate was a record high 27.6%, up from 26.9% in April and 23.8% a year earlier

But that was the "good" news.
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