Unemployment in Greece hits record high

Unemployment in Greece hit a record high of 22.6% in the first quarter of 2012 in comparison with 20.7% during the previous three months with a regressing economic activity, the Hellenic Statistical Authority has announced. According to the Authority, this marks the highest quarterly rate in Greece since the collection of this data began in 1998, while unemployment stood at 15.9% in the first quarter of 2011. Greece had published monthly rates until last March. The quarterly rates are based on a larger survey with separate rates for each economic sector. Young people are the most affected by the job losses, with more than half of those in the 15-24 age groups unemployed.