Sunday, 21 July 2013

Breaking: Employment rose in Greece in April

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...


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.

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

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