Greek Unemployment Hits New Record High In July

Greek Unemployment Hits New Record High In July

Unemployment in Greece increased further and reached a new record high in July as the unresolved debt crisis continued to weigh on economic activity.

Data from the Hellenic Statistical Authority Thursday showed that the seasonally adjusted unemployment rate climbed to 25.1 percent in July from June's upwardly revised 24.8 percent, reaching yet another record high.

In July 2011, the jobless rate was 17.8 percent. Unemployed has increased every month in the past three years.

Unemployment among youth, aged between 15 and 24, was 54.2 percent during the month.

There were a total of around 1.26 million unemployed persons in the country in July, markedly higher than 883,613 recorded a year earlier. Compared to June, the number of jobless persons rose 1.9 percent.

At the same time, the number of employed persons decreased to 3.76 million in July from about 4.09 million a year earlier, data showed.