Greek unemployment is lower than thought but still on the rise

The Greek unemployment rate is a little lower than thought in July, but that's largely due to revisions to the month before.

Turns out the statisticians now think that unemployment was at 27.5 per cent in June - not 27.9 per cent. That means the newly unemployment rate of 27.6 per cent in July is nicely below analyst estimates of a rise to 28 per cent.

Unemployment still higher than the 25 per cent rate it was at in July 2012. Youth unemployment now stands at 55.1 per cent, up from 54.9 per cent in July 2012.

Industrial production statistics have been released simultaneously and that's dropped 7.2 per cent in August (from a 7.7 per cent fall the month before).