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Continued signs of stabilisation in Greek unemployment

Continued signs of stabilisation in Greek unemployment
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There is more evidence that the dire jobs situation in Greece is stabilising.

The country’s unemployment rate improved in February easing to its lowest in more than a year.

The jobless total was 26.5 percent of the workforce, having fallen for the fifth straight month.

It had reached a record 27.7 percent last September.

It is another sign that the Greek economy is emerging from a crippling six-year slump, during which the unemployment rate has more than tripled.

But even when Greece’s economy starts growing again it will take many years to produce enough jobs to absorb the one million unemployed people the debt crisis created.

Hardest-hit from joblessness are those aged 15 to 24. Their jobless rate, excluding students and military conscripts, registered 56.9 percent in February, compared with 23 percent when the crisis started.

Joblessness is a major worry for Greece’s coalition government ahead of this month’s European parliamentary elections.

It is keen to show there is light at the end of the tunnel after years of harsh austerity.