Greek Unemployment Rises to 23.6% in Q2; Heavy Industry Hit Hardest

September 13, 2012 7:13 AM EDT
Unemployment in Greece rose again in the second-quarter, with one out of every four eligible citizens now out of work.

According to the Hellenic Statistical Authority on Thursday, Greece's unemployment rate rose 1 point to 23.6 percent last quarter, from 22.6 percent in the first-quarter of 2012. In total, the number of Greeks out of work rose to 1.17 million.

For women, the jobless rate was 27.3 percent, versus just 20.8 percent for men. And we use the term "just" lightly in this case.

The region with the largest unemployment rate is where Greece's heavy industry is located, in western Macedonia, with a rate of 30 percent.

Investors and traders will keep an eye on this data as Europe works further to stabilize economies via the European Stability Mechansim, which received positive news yesterday when Germany's top court opted to overturn proposals which would limit Europe's largest country from participating in the fund.

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