Sunday, April 20, 2014   

Italy's jobless swells to 2.9m in October
(11-30 17:50)

Italy's unemployment rate rose to a new record of 11.1 percent in October, initial data published by the national statistics office ISTAT showed today, as recession grips the economy.
The rate was 0.3 percentage points higher than in September, ISTAT said, and the highest level recorded since it began publishing monthly data in January 2004, as well as being 2.3 percentage points higher than in October 2011, AFP reports.
The figure was worse than expected, with analysts from Intesa Sanpaolo bank saying they had been expecting the unemployment rate to rise to 10.9 percent.
“The outlook for the labor market remains negative. The unemployment rate could continue to rise until spring 2013,'' they said in a research note.
Seasonally adjusted data showed that the number of people looking for a job rose to 2.9 million in October – a 3.3 percentage point increase from September and a massive 28.9 percentage point rise from October 2011.
Among young people aged between 15 and 24, the unemployment rate rose to 36.5 percent in October – a 0.6-point increase from September and 5.8 points higher than in October 2011.
Unemployment has risen sharply in Italy since the summer of last year when the economy began contracting under pressure from a series of austerity measures aimed at reassuring the financial markets.
The government is hoping a recovery will begin in 2013.


   
Other Business breaking news:
Amazon hit by strikes in Germany (04-17 17:07)
Hang Seng, Shanghai rise (04-17 16:58)
Flat open for European markets (04-17 15:48)
Nikkei gives up early gains (04-17 15:43)
China eases with reserve cut for rural banks: report (04-17 15:42)
Hang Seng inches up at mid-day (04-17 12:13)
Sony's PlayStation 4 sales top 7 million (04-17 12:06)
Weibo IPO priced at lower end: report (04-17 11:34)
Nikkei down by break (04-17 11:16)
Exports boost Italy's trade surplus (04-16 18:42)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.