ELSTAT: Seasonally Adjusted Unemployment Down in October

Seasonally adjusted Greek unemployment stood at 9.8% in October 2024, down from the revised rate of 10.8% in October 2023 but up from the revised 9.4% in September 2024, according to data from the Hellenic Statistical Authority (ELSTAT).

The number of employed individuals reached 4,284,694, an increase of 67,723 compared to October 2023 (+1.6%) and 22,002 compared to September 2024 (+0.5%).

Those without work amounted to 466,858, a 44,806 decrease compared to October 2023 (-8.8%) but an increase of 22,104 compared to September 2024 (+5.0%).

The population of those aged under 75 not included in the labor force—classified as “persons outside the labor force” who are neither working nor seeking employment—was recorded at 3,017,785. This represents a reduction of 45,427 individuals compared to October 2023 (-1.5%) and 45,518 compared to September 2024 (-1.5%).

The Greek unemployment rate among individuals aged 15-24 stood at 23.3% in October 2024.

ELSTAT attributes part of the drop in the jobless rate to the growing percentage of the population classified as not part of the labor force. This group, which includes individuals who are neither working nor actively seeking employment, exceeded 4.26 million.

Individuals under 75 years old who are outside the labor force numbered over 3 million. Their proportion increased by 1.2% compared to the second quarter of 2024 and remained unchanged compared to the corresponding period in 2023.

This trend highlights the interrelation between labor force participation rates and unemployment figures, underlining broader shifts in employment dynamics.

Source: tovima.com