Record youth unemployment in Italy


Record youth unemployment in Italy

Record youth unemployment in Italy

Thursday, January 5, 2012
  • liano
More and more young Italians will be out of work.

MILAN: Italy's youth unemployment shot up to a record high of 30.1 per cent in November and the jobless rate in the active population rose to 8.6 per cent from 8.5 in October as the country slid towards recession.


According to seasonally adjusted figures released by ISTAT, the unemployment rate for young people aged from 15 to 24 years broke through the 30 per cent barrier for the first time, up from 29.2 per cent in October.


The number of people looking for work across Italy rose to 2.142 million in November, up 0.7 per cent compared to a month earlier (15,000 more people) and 5.6 per cent rise over the year (114.000 more people).


The jobless rate of 8.6 per cent in November is the highest since May 2010.


Unemployment in Italy has been increasing since the summer, when the country -- which is battling a fierce debt crisis -- began sliding into recession with a 0.2 per cent drop in the Gross Domestic Product (GDP) in the third quarter.


Prime Minister Mario Monti's government adopted a draconian austerity package to help tackle the crisis before Christmas and next week will negotiate reforms to the labour market -- a sensitive issue which has riled trade unions.


Since taking over from ousted premier Silvio Berlusconi in November, Monti has aimed to bring in reforms fast and redress imbalances such as excessive privileges and job protection in some sectors and vulnerability in others.