I think it goes without saying that we are
pressed for good news in Greece. That pressed in fact that even the mere hint
of something positive deserves a mention.
In April we became witnesses of something that
had not happened since late 2009. Namely, employment increased (to be
absolutely literal though, an even more miniscule increase in employment took
place last December). I've circled the increase in case you miss it...
 |
| source:ELSTAT |
Of course that could be, as I often stress,
something one-off. The stir that the “threat” of a fresh round of elections in
the near future caused could work towards making this one-off as it may have spooked
employers and potential investors. But this is only a scenario and/or it may not have spooked people. Only time will tell I guess.
In the next chart I’ve plotted the annual growth
rate of employment and unemployment that appear to have bottomed
and topped respectively.
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| source: ELSTAT, own calculations |
Not going to be making any predictions as to
when will unemployment stop growing, since linearity and visibility are traits which are sadly absent in contemporary Greece.
P.S. If by any chance you noticed that both
employed and unemployed persons grew in April and you are looking for an
explanation look no further; a rise in labour force participants is to be
blamed.
 |
| source: ELSTAT |
