Greece's Unemployment Rate Falls To A Level That's Still Painfully High

In Greece, the good news is that the unemployment rate is declining.

Unfortunately, the unemployment rate is at the nosebleed level of 26.7%.

This is according to newly released February data from the Hellenic Statistical Authority.

January's unemployment rate was revised up to 27.2% from an earlier estimate of 26.7%

"The number of employed decreased by 14,913 persons compared with February 2013 (a 0.4% rate of decrease) and increased by 40,119 persons compared with January 2014 (a 1.1% rate of increase)," reported the agency.

The unemployment rate is skewed toward younger Greeks. According to the data, the unemployment rate for those 15 to 24 years old, the unemployment rate is at 56.8%.