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Greek Unemployment Soars By 1.5% In One Month, Hits Record 27.2%

Tyler Durden's picture


There was much hope in the feudal states of Europe that the monthly December drop in Greek unemployment - the first in years - was the beginning of the end for local misery. Alas, it appears the Greek statistics office leaarned a thing or two from the BLS and it was all seasonal adjustments. As reported earlier today, things just got much worse again, with January unemployment surging by 1.5% in one month to a new all time record high 27.2%. More importantly, the number of employed people in Greece, which dropped to a new record low of 3.617,771 compared to 3,888,400 a year ago (and down 11,653 from December), is now nearly as much as the entire inactive population at 3,346,423 and far below the ranks of the unemployed (1,348,694 - an all time high as well) and inactive.

Spread by gender, the unemployment rate for males was 23.9%, while a record 31.4% of eligible women had no job in January.

Finally, youth unemployment once again hit a record high 59.3% in January, even as unemployment among those aged 65-74 has soared from 0.9% in 2008 to 6.9% in 2013.

Some of the amusing, or not so amusing if you are a Greek citizen, charts and tables just release:

Source: Elstat


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Thu, 04/11/2013 - 08:07 | Link to Comment GetZeeGold
GetZeeGold's picture



Thank goodness the Nazi's are showing up to take control.


Same as it ever was....


All rise! All rise! Show your respect!

Thu, 04/11/2013 - 08:19 | Link to Comment Banksters
Banksters's picture

One unemployed person is a tragedy, a million out  of work is a statistic. - The Troika


In other news:



Greece on Thursday responded to comments by German Finance Minister Wolfgang Schaeuble who said Athens should not get distracted by the issue of war reparations from Berlin and instead focus on its economic reform program.


Arbeit macht frei?


Thu, 04/11/2013 - 08:21 | Link to Comment Sudden Debt
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on a possitive note...



in about 2083 they'll start doing something about the current crisis...

Thu, 04/11/2013 - 08:27 | Link to Comment Banksters
Banksters's picture

Mr Panos blog.  I love this guy.



Financial "Crisis" in Greece

Hello Germany and Europe,

My name is mr Panos and this is a message from the Hellenic people around the world




Thu, 04/11/2013 - 08:34 | Link to Comment johnQpublic
johnQpublic's picture

actually, greeces numbers are just as fudged as ours are. In fact, only 128 greek people have jobs. Everyone else quit looking. Now eating ipads for sustenance.

Thu, 04/11/2013 - 14:14 | Link to Comment Shocker
Shocker's picture

That is Greek Unemployment... Don't even look at the US

Layoff/Closing List


Thu, 04/11/2013 - 08:39 | Link to Comment Edward Fiatski
Edward Fiatski's picture

It's - "Haallo..."

Thu, 04/11/2013 - 08:56 | Link to Comment caconhma
caconhma's picture

Cyprus Bailout Size Increases By 35% In One Month To €23 Billion, 120% Of GDP.

Big deal. Stupid Germans will have to work harder and longer to support their euro-zone partners. It is all.

Thu, 04/11/2013 - 08:27 | Link to Comment Temporalist
Thu, 04/11/2013 - 08:45 | Link to Comment marketexpress
marketexpress's picture

Oh god gold bull run is over ..........


Its too much for everybody to own.

Thu, 04/11/2013 - 11:08 | Link to Comment Freddie
Freddie's picture

Unemployment is O-Muslim's Amerika is probably close to 27%.  Nice job to f**ktards who voted for the mullah.

Thu, 04/11/2013 - 08:03 | Link to Comment Debtonation
Debtonation's picture

The crisis is over!

Thu, 04/11/2013 - 08:15 | Link to Comment Sudden Debt
Sudden Debt's picture

since 2009....

Thu, 04/11/2013 - 08:06 | Link to Comment ziggy59
Thu, 04/11/2013 - 08:08 | Link to Comment GetZeeGold
GetZeeGold's picture



Yeah.....I'd hang on to that.

Thu, 04/11/2013 - 08:16 | Link to Comment Sudden Debt
Sudden Debt's picture

well... first they repatriate it from New York and London...

will take between 7 to 7000 years...

and then they can sell it...


Thu, 04/11/2013 - 08:21 | Link to Comment Temporalist
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It's ok for the central bank to sell their "excess" gold.  I's excess, who needs that?  I'm sure 99.999% of their gold is excess since it's not money and just tradition.  Maybe the troika will let them keep a coin or two in a museum.

Thu, 04/11/2013 - 09:22 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

it was just part of yesterdays concerted global gold smack down...

Thu, 04/11/2013 - 08:10 | Link to Comment persu
persu's picture

Could anyone explain how long a society remains facific with these kind of numbers?

If a quarter of working age population is idle, it seems to me implausible that they will remain quiet for ever? In most countries benefits run out after a year or so, how is it in Greece?

Once a father cannot support children, they tend to become restless.

Thu, 04/11/2013 - 08:14 | Link to Comment Sudden Debt
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hahahahaha... ha....

Thu, 04/11/2013 - 09:37 | Link to Comment Buckaroo Banzai
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At this rate, Greece should achieve 100% unemployment by 2025.

Then we'll find out who that faggot is!

Thu, 04/11/2013 - 10:09 | Link to Comment markar
markar's picture

Can you still be a country with 100% unemployment?

Thu, 04/11/2013 - 08:17 | Link to Comment JustObserving
JustObserving's picture

Get your drachmas and print your way to prosperity.  It has been working so well for Japan, US and UK.  Miracle of miracles, the unemployment rate in the US is only 7.6%. And the stock market hits a new high everyday without fail.

Economic nirvana is a keystroke away.

Thu, 04/11/2013 - 08:17 | Link to Comment Temporalist
Temporalist's picture

They need the BLS to calculate for them if they want to really improve unemployment.  Forward Propaganda!

Thu, 04/11/2013 - 08:21 | Link to Comment edb5s
edb5s's picture

Maybe they could also consider slashing their labor force participation rate.  That does wonders for unemployment.

Thu, 04/11/2013 - 08:23 | Link to Comment booboo
booboo's picture

The Stepford Wife media serves at the pleasure of their government handlers bailing out their massive losses. Everything is coming up roses, especially in graveyards.

Thu, 04/11/2013 - 08:26 | Link to Comment orangegeek
orangegeek's picture

And as this is reported, the Euro climbs and of course the US Dollar falls - which keeps markets up. Isn't that weird?


Gold and Silver should rocket on this US Dollar move, but they are stalled.  That's even more weird.




Thu, 04/11/2013 - 08:41 | Link to Comment Quinvarius
Quinvarius's picture

Gold isn't moving because it is stalking you.  Don't look away.  Every time you look back at it, it will be a little bit closer.

Thu, 04/11/2013 - 09:09 | Link to Comment new game
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gold spirits. pass the pipe-

and he shook a little dust out of his coonskin cap...


Thu, 04/11/2013 - 08:36 | Link to Comment Handful of Dust
Handful of Dust's picture

I doubt that 27% number includes all the illegal unemployed in Greece now roaming the streets. Sad and dangerous situation over there.

Thu, 04/11/2013 - 08:39 | Link to Comment Quinvarius
Quinvarius's picture

Why don't these tards just default?  If they keep waiting, it will be too late.

Thu, 04/11/2013 - 08:42 | Link to Comment Iam Yue2
Iam Yue2's picture

"Finally, youth unemployment once again hit a record high 59.3% in January, even as unemployment among those aged 65-74 has soared from 0.9% in 2008 to 6.9% in 2013."


When you consider that everybody in Greece retires at 35, this is indeed a surprise!

Thu, 04/11/2013 - 09:04 | Link to Comment tsuki
tsuki's picture

You are confusing the US military with Greece. 

Thu, 04/11/2013 - 08:49 | Link to Comment youngman
youngman's picture

"Why don't these tards just default? "

Because we keep giving them more money...why should they if they keep getting free the billions....

Thu, 04/11/2013 - 08:51 | Link to Comment The Second Rule
The Second Rule's picture

Actually, unemployment in the United States among 30-40 years olds (typically the highest wage earners) is higher than it is in Greece. Although this latest bump in Greek U may change that.

Thu, 04/11/2013 - 08:57 | Link to Comment Smegley Wanxalot
Smegley Wanxalot's picture

This is clearly Germany's fault!

Thu, 04/11/2013 - 09:59 | Link to Comment Walt D.
Walt D.'s picture

If you add the people who work directly or indirectly for the government to the 27.2%, what percentage of people are working in the private sector to support this?

(I suspect that if you used "not working and would like to work" in the US, it would be closer to 27.2% than to  the phony 7 or 8% U3 unemployment figures)

Thu, 04/11/2013 - 15:09 | Link to Comment Turin Turambar
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Thu, 04/11/2013 - 14:03 | Link to Comment pashley1411
pashley1411's picture

With unemployment numbers this big, I think it more accurate measure of labor nonparticipation is to pull out the government work force.  

What unemployment % should be measuring is what % of the workforce is employed in the wealth-creating sector, and so what % is unemployed.

So, with Greece, if we use the January numbers, there is a 5.0m labor pool.    Of that 5.0m, assuming 700k government workers, we have remaing to the wealth-creation sector 2.9m private sector workers, and 1.4 unemployed.  

That means in the wealth-creation sector, real un-utilized labor is 32.5%. 

Thu, 04/11/2013 - 16:27 | Link to Comment MorningStar
MorningStar's picture

The 27% is the government's official stand but, in reality is probably around 35%+.


Same as in the United States.  Whenever the unemployment rate goes up then the givernment changes its formula to keep it down.

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