Jobless rate has shrunk mainly thanks to poorly paid new jobs
The drop in Greece's unemployment rate appears to have been achieved through the creation of more jobs at low salaries, the Hellenic Federation of Enterprises (SEV) says, noting that the lion's share of the employment spike is seen in the salary bracket of 501-600 euros per month. The higher the salary, meanwhile, the lower the rate of the increase in employment.
Hellenic Statistical Authority (ELSTAT) figures on Thursday showed that the jobless rate dropped to 18.6 percent in October 2018, from 21 percent in the same month in 2017, and that the number of employed people grew 2.1 percent on an annual basis. A similar increase from 2017 and the years before that is also recorded by the Labor Ministry's Ergani employment database.
In its monthly economic bulletin, SEV examined the increase in full- and part-time employment last year by processing the Ergani data. It...