Italian Unemployment Stable at 12.5 Percent

Italy’s seasonally adjusted unemployment rate was stable in October at a record 12.5 percent, while the youth jobless rate rose to a new high of 41.2 percent, statistics office ISTAT said.

October’s headline jobless figure was in line with the median forecast of 12.5 percent in a Reuters survey.

The employment rate rose slightly to 55.5 percent from 55.4 percent the previous month.

Unemployment has followed an upward trend since early 2011 as Italy has languished in its longest post-war recession.

Both overall unemployment and the youth jobless rate, measuring job-seekers between 15 and 24 years old, have reached their highest levels since ISTAT began recording the data in 1977.

Most analysts believe Italy is gradually moving towards a recovery but conflict between the partners in Enrico Letta’s left-right governing coalition has complicated efforts to reform the economy and boost growth.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza