The recovery of the Greek labor market continued in September with unemployment rate falling to 25.7%, the lowest reading since August 2012. The rate was in line with expectations and down from August’s (upward revised) 26% figure. Youth unemployment rate (courtesy of Eurostat) is also trending down at 49.3% in August compared to a peak of 60.6% in February 2013. Greece’s unemployment is coming down from record highs as the economy stabilizes after a severe six-year recession but remains at more than double the Eurozone average of 11.5% in September. The Greek economy is projected to expand by 0.6% this year.
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