This Is Economic Death: Greek Unemployment Rises By 1% In One Month

Tyler Durden's picture

The chart below needs no commentary, neither does what it represents. In May Greek unemployment, pre revision, was 23.1%. It was subsequently revised higher to 23.5%, but this is merely to make the jump to the June number more palatable. What was June? 24.4%. In other words, no matter how one looks at it, the unemployment rate rose by 1% in one month.

In other words, Greece may or may not be kicked out out Europe. At this rate, in 75 months there won't be a Greece left.

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Mongo's picture

Only 1% Well that is truly bullish! BTFD ($gold)

ShortTheUS's picture

They really need to implement that 6-day workweek in a hurry or who knows how worse things will get.

Silver Alert's picture

Then they would only have 1 day off from being unemployed.  Austerity is a bitch.

GetZeeGold's picture



Bad news....the 1 day off has been canceled.


Oh come's not like you didn't know it was coming.


Precious's picture

The Greek have a different definition of "work" than most people.

Peter Pan's picture

I find the idea of a six day working week quite interesting. If there is work for only 75% of the working population, won't the extension of the working week to six days mean even fewer jobs?

Chump's picture

No it will mean eeking ever more productivity from those happy few that are still employed, maybe.  A lot of the jobs that still exist are public sector, so there's a good chance it means just one more day per week of make-work paper filing.  Public employees in fire and police departments will probably be the most affected, as their workload is certain to increase with no commensurate salary increase.  This does not mean anything to the unemployed.

Far more laughable to me is the idea that a "work week" should be determined by decree.  Surely this is infuriating to Greeks who are desperate for work and would love to have even a 2 day work week.  Personally, I relish the times I can actually work 6 days out of the week, and those times are getting more and more scarce.  The new normal for me is finding enough work to fill 3 or 4 days a week.

Ridiculous "rules" like this are what we can look forward to all over the world as the S starts HTF in earnest.  Look for wage and price controls next, as political leaders of all stripes repeat mistake after mistake from the past in an effort to stave off reality.

Peter Pan's picture

The unemployment rate is far higher given that there are many employees who have not been paid for months but who still turn up ti work in the hope that wages might start to flow again.

Sudden Debt's picture

That's depressing...

that means it will take at least another 3 year to reach the FULL UNEMPLOYMENT target for Greece...


somecallmetimmah's picture

It's *good* to be the 99%, ain't it?

GetZeeGold's picture




Don't have to do anything....but bitch and complain.


It's pretty good!

Chuck Walla's picture

Will we behearing chants of we are the 1%?

autofixer's picture

You will beheading chants that we are the 1%!

Its_the_economy_stupid's picture

How soon 'till the Red Cross starts calling for donations?

Sudden Debt's picture

how do you mean?

a pound of flesh if you didn't pay your morgage to the bank?

20 liters of blood if you overdrawn your limit?

EscapeKey's picture

The solution clearly is to label them "discouraged workers".

Sudden Debt's picture

Yep, that are all lottery winners who hit the big jackpot who don't need it anymore... lucky bastards...


No Euros please we're British's picture

Nah, Greece's economy isn't dead, it's just pining for the fjords.

Sean7k's picture

Capital flight has consequences? Who knew?

Its_the_economy_stupid's picture

Too Bad they can't reach for Open_ended QE.

JSD's picture

7 day work week should clear this up.

EscapeKey's picture

27 hour, 8 day workweek in the coalmines.

Voluntarily, of course. If you want to live, you work, otherwise you get eternal rest.

Its_the_economy_stupid's picture

Time for a boat lift.

Its_the_economy_stupid's picture

It is after all a maritime culture.

TwoShortPlanks's picture

Let them eat Feta.

Munkey's picture

Greece can always do what Australia does: place all long term unemployed on Disability Support Pensions and your unemployment figures can shine like a beacon to the world. Just don't you worry about the productivity part, that's irrelevant.

piliage's picture

Or what the US does and give them a government public sector job with union backing...

Peter Pan's picture

The US is also notorious for putting unemployed people on disability support to mask the truth in addition to all the other labelling tricks. Oh and let's not forget how much more US unemployment would be if we brought back the troops and cleared the prisons.

boribori's picture

The stat obviously misses those who work without registering and still claim the unemployment insurance / benefits. Rubbish measure.

machineh's picture

Exactly. Given the shaky quality of Greek statistics, the margin of error associated with the 24% figure is probably plus/minus 10 percent. And that's before political editing.

Itch's picture

There are only 10 people employed according to tax its really not that bad.

piliage's picture

Hey, but at least their debts to the French and ECB aren't in default. Nothing to see here, move along...

(Military Coup in 3...2...1...)

Its_the_economy_stupid's picture

Those debts will never default. That would trigger CDS, and we all know who backs those.

piliage's picture

Ultimately, when enough people get hungry, this problem will be solved in traditional Greek fashion. A General or two, tanks, and several thousand troops. First thing a military junta does is tell the banks to pound sand and go stuff their debts. Renegotiate or else, pennies on the already downgraded debt.

Winston Churchill's picture

It's impossible to get an apples to apples comparison of UE rates.

I'm pretty sure that if US rates were calculated in the same way,there

would be little difference between them.

People in glass houses......

TwoShortPlanks's picture

You need to halve the unemployment number; Greek people claim twice, it's a tradition.

timbo_em's picture

As long as the Greek government finds someone else to pay for the unemployment benefits (and finance their trade deficit), they should not be worried.

piliage's picture

And the long list of parties willing to do so

Let me get back to you on that one.

timbo_em's picture

Eurozone countries will continue to support Greece til the end of days because they are too afraid of the whole EZ going south (that's what Merkel more or less said last week in China) and via TARGET2 Greece holds a credit card that - at least in nominal terms - cannot be maxed out.

So this list of parties is long enough for Greece to be Greece for a few more years.

RiskAverseAlertBlog's picture

The insane silliness of demaning a 6-day work week exposed.

Its_the_economy_stupid's picture

Local Barter ramp-up looming.

Its_the_economy_stupid's picture

Bullish goat, olive and feta diet.

youngman's picture

Remeber if you are employed in Greece you HAVE to pay I bet many people say they are not working..wink wink...the Greeks are cheats big time...before the crash...during the crash..and after the crash...I bet the politicians are making out big with every bailout...

Yperkeimenos's picture

It is a common mistake to equate the Goverment with the people.They are not the same thing.Just because the goverment is a cheat and a liar doesn't mean the people are as well. The Israeli goverment has commited genocide on the palaestinian people,does this mean that all jews are criminals? Collective responsibility is not something logical, thinking people attribute to others.

HedgeFun's picture

Tyler et al - Can't quantify this but my guess is at least a portion of this are people going off the books to avoid taxes. 

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

1% is not the same as one percentage point.  One day the world will realize this!!!!!!!  A 1 % change from a previous number is typically no big deal.  A one percentage point change however "is" a big deal!



jez's picture

I'm with you, TB. I've noticed before that percentages aren't Tyler's strong suit.


He says that "no matter how one looks at it, the unemployment rate rose by 1% in one month" (my emphasis).


Well, looking at it from the viewpoint of high school math, it actually rose by 100 x (24.4 - 23.1) / 23.1  =  5.6 per cent.


Or by (24.4 - 23.1) = 1.3 percentage points, which as you say is something else entirely.