Greek Unemployment Climbs For 39th Month, Hits Record High in August

Category: World / Nov 08, 2012 11:22AM EDT
Greece's jobless rate rose for a 39th consecutive month to a new record of 25.4 percent in August, Greece's statistics service ELSTAT said on Thursday (November 8). A crippling, austerity-fuelled recession continued to take its toll on the labor market, putting Greek unemployment at more than double the eurozone average of 11.5 percent. The jobless rate has more than tripled since the country's five-year economic slump began in 2008. It now stands at 58 percent for those aged between 15 and 24 years, compared with 20 percent in August 2008. Greece's economy is estimated to have shrunk by about a fifth since 2008. The slump is expected to continue in 2013. A record 1.27 million Greeks were without work in August, up 38 percent from the same month last year.