Greece Loses 17,000 Jobs In July, Most Since 2001

It's no wonder Greek prime minister Alexis Tsipras wanted elections now rather than later. He does not want the grim news of job losses and austerity to hit when he is more vulnerable.

Tsipras' problem may well be that he is too late.

Via translation from Libre Mercado, The Greek Economy Lost 17,000 Jobs in July, the Worst Result Since 2001. 

 Industrial production recorded a record drop in July, according to estimates by Markit.

In addition, capital controls, have resulted in record job losses according to data published on Monday by the National Confederation of Commerce and Companies (ESEE ).

Consequently, economic sentiment has suffered an unprecedented collapse, returning to its lowest level since the start of the crisis.

According to the local press, Greece destroyed about 17,000 jobs in July, the worst result since 2001. In addition, another 40,000 people went to work part time from full time, with a consequent reduction in salary.

What a disaster.

Mike "Mish" Shedlock