Greece: Construction slump drags on, jobless youth at 60%

Greece’s construction sector contracted by more than a quarter in August compared with a year earlier, data showed on Thursday, continuing a slump that is deepening the country’s worst peacetime downturn after five years of recession.

Meanwhile, the jobless rate rose for a 39th consecutive month to a new record of 25.4% in August, more than double the euro zone average, ELSTAT said.

A crippling, austerity-fuelled recession continued to take its toll on the labour market, putting Greek unemployment at more than double the euro zone average of 11.5%.

Source and full story: Financial Mirror, 8 Nov 2012

Tom Sullivan