Documented Greek Unemployment Holds at 23.5% in May



unemploymentThe unemployment rate in Greece is holding steady according to the statistics agency ELSTAT.

On Thursday the agency said that the jobless rate was at 23.5 percent in May and that the number of documented unemployed people reached 1.123 million.

The group of workers hardest hit by the job crisis in Greece is the youth aged 15 to 24-years-old. Their unemployment rate is at a stunning 50.3 percent.

The statistics of May were the lowest numbers since April 2012 when Greece’s unemployment rates were at similar levels.

This year the economy in Greece contracted 0.5 percent in the period of January through March, meaning that there is no end in sight anytime soon for the recession that austerities and bailout deals have caused to the country.