The unemployed reached pre-memorandum levels

By Dimitris Katsaganis

The unemployed are now reaching levels that were before the Memoranda, according to what emerges from ELSTAT’s data.

In particular, the latest bulletin of the statistical service states that the unemployed reached 596,056 in May 2022.

In May 2010, i.e. during the month of the signing of the first Memorandum, i.e. before its dramatic consequences for the labor market were seen, the unemployed, according to ELSTAT, amounted to 602,185.

That is, the unemployed in May 2022 are less than in May 2010 (596,056 versus 602,185).

However, as a percentage of the labor force the unemployed in May 2022 is higher than in May 2010 (12.5% ​​vs. 12%).

And this is because the labor force (employed and unemployed), on which the unemployment rate (unemployed to labor force) is calculated, was much larger in 2010 than in 2022, due to the greater number of employed (as the unemployed are now over – down to the same levels as in 2010).

Specifically, in May 2010, the employed amounted to 4,431,326, while in May 2022, they amount to 4,170,301.

In other words, the employed have decreased in the last 12 years (2010-22), although since 2013 the number has started to recover, i.e. between the first Memorandum and three months before the exit from the post-memorandum supervision, by 261,025 or 5.8%.

So while employment has increased tremendously from the nadir reached during the Memoranda (at 3,506,844 in May 2013), they have not fully recovered lost ground.

Specifically, of the 924,482 lost jobs (3,506,844 employed in May 2013 compared to 4,170,301 employed in May 2010), 72% have been replaced and another 28% remain.

The unemployed reached pre-memorandum levels

Source: Capital

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