Greek Unemployment Rate Climbs to Record High as Eurozone Jobless Holds

The unemployment rate in Greece climbed to another record high of 27.8% in October, according to the embattled country's statistics body.

The Greek Statistical Authority (ELSTAT) revealed the jobless rate slightly increased from 27.7% in September and jumped from 26.1% the year before.

The research body said the total number of people out of work in Greece hit 1.3 million in October, but the number of employed people was only 3.5 million – whereas the economic inactive population stood at 3.3 million.

ELSTAT found the number of employed decreased by 94,531 persons compared with October 2012 – representing a 2.6% reduction – and 21,861 persons compared to September 2013.

In contrast, the number of unemployed increased by 85,314 compared with the year before -representing a 6.6% hike – and decreased by 1,111 persons compared with September 2013.

But those who are not working or looking work jumped by 16,092 persons compared with October 2012 – representing a 0.5% increase – and by 11,686 persons compared with September 2013.

The figures follow data released by Eurostat, the statistical information arm of the European Union, which revealed the unemployment rate across the Eurozone remained steady at 12.1% in November – representing 19.2 million unemployed people across the region.

Greek finance minister Yannis Stournaras recently slammed the European Union's austerity measures as "intolerable" as a growing backlash gathers pace against the political union's bailout terms – with troubled countries taking aim at regional hegemon Germany.