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More than 3.2 mn Italians unemployed

More than 3.2 mn Italians unemployed

Inflation edges above zero, but economy remains weak

Rome, 01 November 2014, 18:44

ANSA Editorial

ANSACheck

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The unemployment rate in Italy rose to a record level of 12.6% in September, while the rate for youth under age 25 fell slightly, national statistical agency Istat said Friday.
    The figures suggest the Italian economy continues to be roiled by its worst period of extended weakness since the Second World War, with some 3.26 million Italians officially unemployed in September.
    That is the greatest number of jobless individuals searching for work in a decade, since the statistical agency began its current system of calculations in 2004.
    At the same time, Istat reported that inflation edged slightly higher in October, officially out of deflation but still extremely weak and reflecting lack of demand in an economy that has flirted with recession since 2008.
    According to Istat, which emphasized that its statistics are still provisional, September's jobless rate of 12.6% was up by 0.1% when compared with the previous month and compared with September 2013. The agency also pointed out that unemployment had already touched the 12.6% mark several times this year, adding that last month some 22.457 million people were employed in Italy.
    Some 82,000 new jobs were added in September, although that was not enough to improve the jobless rate and most of those jobs were "precarious", said Italy's largest labour federation CGIL.
    "A careful reading of the data shows the dramatic demand for work with greater contractual protections," said Serena Sorrentino of the CGIL.
    Still, Premier Matteo Renzi tweeted that the gain of 82,000 positions was positive, adding: "Only with employment can Italy take off".
    Meanwhile, the jobless rate among 15-to-24-year-old Italians looking for work fell to 42.9% in September from August's record high that was revised to 43.7%.
    It was also 1.9% higher than the youth jobless rate in September 2013. About 698,000 Italians in that age range were searching for work last month - 11.7% of that population.
    The majority of youth were not counted as being in the labour market because they were in school, training programs or discouraged and dropped out of the hunt for employment.
    With similar unemployment problems across Europe, policy-makers have become deeply concerned for the future, as so few young adults have had any work experience, they see few opportunities, and many are losing hope. Renzi's government has introduced controversial labour reforms through its Jobs Act, now working its way through parliament, which is aimed at creating jobs and opening opportunities for young workers.
    The latest budget includes tax breaks for employers hiring new workers for at least three years to try to boost the stagnant economy.
    More evidence of that stagnation came in the latest inflation figures for October, which showed that although Italian prices began to rise again in October after two months of deflation, the differences were very small.
    Inflation edged up to an annualized 0.1%, after dropping to -0.1% in August, the first reduction in decades, followed by an annual rate of -0.2% in September, said Istat, adding the data are still preliminary.
    That is well below the inflation rate of 2% favoured by most policy makers.
   

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