Eurozone / The recession is over, but youth unemployment hits record 65 pc in Greece

“The Euro Zone recession is over. I’m not going to get over-excited (all we get instead is stagnation) but I expect to see; a stronger euro (I’d love a strategic EUR/USD short between 1.35 and 1.40)” says  Kit Juckes, Global Head of Currency Strategy at Societe Generale.

“Bunds on the back foot after so much out-performance vs. the US; more of the world’s yield-seekers heading to Spain; and perhaps a brighter end to the week for risk assets generally. Today sees an ECB Monthly, and US claims data.”

Chosen excerpts by Job Market Monitor. Read the whole story at 

via Flash: EUR/USD – The Eurozone recession is over – welcome stagnation – Societe Generale.

Greek unemployment hit new record in May of 27.6 percent

Greece’s jobless rate hit a new record high of 27.6 percent in May, official national data showed on Thursday as the country staggers under austerity linked to its international bailout.

Record joblessness is a nightmare for Greece’s two-party coalition government as it scrambles to hit fiscal targets and show there is light at the end of the tunnel after years of unpopular tax rises and cuts to wages and pensions.

Unemployment rose to 27.6 percent from an upwardly revised 27.0 percent reading in April, according to data from statistics service ELSTAT and was more than twice the average rate in the euro zone which stood at 12.1 percent in June.

The latest reading was the highest since ELSTAT began publishing monthly jobless data in 2006.

Greece and Spain have been hit with similar levels of sky-high unemployment, with latest Eurostat data showing seasonally adjusted unemployment in June at 26.9 percent for Greece and 26.3 percent in Spain.

Spain itself does not publish monthly jobless figures directly comparable to Greece’s own data, but Madrid’s quarterly data shows its rate peaked at 27.2 percent in the first three months of this year.

Data showed that those aged 15 to 24 remained the hardest-hit as the jobless rate for this age group registered 64.9 percent.

Chosen excerpts by Job Market Monitor. Read the whole story at 

via Greek unemployment hit new record in May of 27.6 percent | Reuters.