Italy’s unemployment rate rose to a record high of 12.7 percent last November, revealed the National Institute of Statistics (ISTAT) on Wednesday, with some 55,000 people losing their jobs during the month.
According to ISTAT, the figure was the highest it had been in 37 years; while youth unemployment (among those aged between 15-24) also climbed to 41.6 percent.
The Democratic Party, the largest component of Prime Minister Enrico Letta’s coalition, plans to unveil a “Jobs Act” before the end of next week; and Letta has warned that the situation could turn into a national emergency.
The figure “casts some doubts on the possible recovery for the Italian economy in the near term,” said Annalisa Piazza, senior fixed-income strategist at Newedge Group in London, to Bloomberg.
Chosen excerpts by Job Market Monitor. Read the whole story at
via Italy’s Unemployment Rate Hit 37-Year High, Youth Unemployment At 42 Percent | Economy Watch.
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