Italian Jobless Rate Rises to 12.5 Percent

October 31, 2013 Share Print 0

Italy’s jobless rate rose more than forecast in September to an all-time high as companies failed to hire amid concerns about the persisting recession, the longest since World War II.
Unemployment (ITMUURS) increased to 12.5 percent from a revised 12.4 percent in August, the Rome-based national statistics office Istat said in a preliminary report today. The September rate, the highest since the data series began in the first quarter of 1977, was above the 12.3 percent median of ten estimates in a Bloomberg survey.

Italy’s economy shrank in the third quarter, prolonging a record slump that began in 2011 and signaling that the euro area’s recovery is bypassing its third-biggest economy, Antonio Golini, the acting chairman of Istat, said this week. He also told an Oct. 29 hearing in Parliament that the nation’s gross domestic product will fall 1.8 percent this year. That’s more than the 1.4 percent contraction the statistics office forecast in May.

via Bloomberg

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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.