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A Greek flag flutters in the wind as tourists visit the archaeological site of the Acropolis hill in Athens.
Reuters/Ronen Zvulun
Nice views, crummy labor market.
LOOKING ON THE BRIGHT SIDE

Greek unemployment in May was the lowest it’s been in nearly three years

By Melvin Backman

Greek unemployment hit 25% in May, according to the Hellenic Statistics Authority (pdf). As hard as it might be to believe, that qualified as a bit of good news, considering it represented the lowest level since June 2012.

Still, May marked the 35th straight month that at least one in four Greeks who wanted a job couldn’t find one. And in all likelihood, jobs reports in the coming months will look a lot worse. That’s because Greece reports its unemployment rate on a longer lag than most countries, and the May reading is the last look at unemployment before “grexit” went from a financial buzzword to a very real and scary possibility.

Despite the very modest improvement to the overall rate, youth unemployment was still unimaginably high in May (51.8%). But with further austerity on the way as part of Greece’s third bailout deal, May might be as good as it gets for a while.