Unemployment

Industrial production fell by 4.7 percent year-on-year in June after inching up 0.1 percent in the previous month, data from the Turkish Statistical Institute (TÜİK) have shown.

In April, the annual decline in industrial output was 0.7 percent.

Most equities rallied Tuesday after the previous day's global rout fuelled by U.S. recession fears that have led to calls for the Federal Reserve to cut interest rates before its next meeting.

Tokyo, which suffered a record loss Monday, led the gains as it soared more than 10 percent as traders bought beaten-down stocks caught up in a catastrophic day for markets.

Tokyo led a collapse across Asian and European equities on Monday, after weak U.S. jobs data fanned fears of a recession in the world's top economy and boosted bets on several Federal Reserve interest rate cuts.

The benchmark Nikkei 225 index plunged 12.4 percent, or 4,451.28 points, to 31,458.42, its largest points drop in history.

Wages could rise modestly without creating inflationary pressures, according to a study published in the Bank of Greece's Economic Bulletin.

The two authors of the study, which focuses on the tightness of labor markets post-pandemic, conclude that real wages lag actual productivity levels and, adjusted for inflation, remain lower than pre-pandemic levels.

Unemployment has returned to a single-digit rate for the first time in 15 years, as on Wednesday the Hellenic Statistical Authority (ELSTAT) recorded a jobless rate of 9.6% in June, compared to 11.4% in June 2023.

The problem of ever-increasing job vacancies is developing into an obstacle to the domestic economy's growth course, with the Union of Hellenic Chambers of Commerce (KEEE) estimating that there are currently at least 260,000 job vacancies nationwide.

More than 180,000 pensioners are working, according to the Deputy Minister of Labour and Social Security, Panos Tsakloglu, in an interview with the One Channel.

The unemployment rate in Türkiye was 8.4 percent in May, down by 0.1 percentage point from April, the Turkish Statistical Institute (TÜİK) revealed on Wednesday.

The number of unemployed persons aged 15 years old and over decreased by 27,000 to 3,000,011, according to TÜİK data.

Today's landscape in the Greek labor market is dominated by reduced employment and pay gaps for women, negative distinctions in the share of working youth and people over the age of 55, as well as very low labor productivity rates.

Several key macroeconomic data will be released this week, including current account, industrial production and unemployment rate.