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Italy's jobless rate hits new 37-year record high in Nov

Published on Jan 8, 2014 5:05 PM
 
Italy's jobless rate rose in November to a new record high of 12.7 per cent, data showed on Wednesday, and youth unemployment also hit its highest level on record above 41 per cent. -- PHOTO: AFP

ROME (REUTERS) - Italy's jobless rate rose in November to a new record high of 12.7 per cent, data showed on Wednesday, and youth unemployment also hit its highest level on record above 41 per cent.

The data show that some timid signs of economic recovery are having no impact on the labour market and underline the tough task facing Enrico Letta's fragile coalition government to create jobs and growth.

National statistics institute ISTAT reported that the seasonally adjusted unemployment rate increased unexpectedly in November to 12.7 per cent from 12.5 per cent the month before, reaching its highest level since current records began in 1977.

The average forecast in a Reuters survey of analysts had pointed to a stable reading of 12.5 per cent.

 
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