Jobs market displays resilience

The Greek labor market showed strong resistance in July, as although the end of the school term and classes in private education resulted in the loss of 25,867 jobs in the sector and a total of 8,294 jobs across the economy, in the seven months of January to July a historic record was set with regard to hiring versus layoffs, with the creation of 296,624 new jobs.

Of course, there are qualitative elements, such as for example the prevalence of layoffs in highly productive ages, over 35 years old, mainly women, and correspondingly the increase in hiring of young people, up to 25 years old, who are in fact “cheaper labor,” which leave no room for complacency.

According to the data of the Labor Ministry’s Ergani information system, for the month of July, layoffs exceeded recruitments, with the result that employment decreased by 8,294 jobs in the private sector. In fact, if the comparison is made with the corresponding month last year, when the balance of employment flows was positive by 2,999 jobs, then the losses increase to 11,293 jobs.

In total in July there were 285,505 hirings and 293,799 departures.