Italy Jobless Rate Reaches 12%, 36-Year-High Amid Recession
Bloomberg, (31/5) -- Italy’s jobless rate reached a 36-year high in
April as companies didn’t hire staff amid pessimism about the outlook of
an economy that’s probably in its eighth quarter of recession.
Joblessness rose to 12 percent after the March reading was revised up to 11.9 percent from an initial 11.5 percent, the Rome-based national statistics office Istat said in a preliminary report today. The April rate was higher than the 11.6 percent median of seven estimates in a Bloomberg News survey. Unemployment remained above 10 percent for a 15th month and reached the highest since the data series began in the first quarter of 1977.
Europe’s fourth-biggest economy will contract 1.8 percent in 2013 as weak household demand extends the longest recession in over two decades, the Organization for Economic Cooperation and Development said this week. “Employment and hours worked will continue to fall, constraining household budgets and consumption spending,” the Paris-based OECD said.
Joblessness rose to 12 percent after the March reading was revised up to 11.9 percent from an initial 11.5 percent, the Rome-based national statistics office Istat said in a preliminary report today. The April rate was higher than the 11.6 percent median of seven estimates in a Bloomberg News survey. Unemployment remained above 10 percent for a 15th month and reached the highest since the data series began in the first quarter of 1977.
Europe’s fourth-biggest economy will contract 1.8 percent in 2013 as weak household demand extends the longest recession in over two decades, the Organization for Economic Cooperation and Development said this week. “Employment and hours worked will continue to fall, constraining household budgets and consumption spending,” the Paris-based OECD said.
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