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Italy: Unemployment Unexpectedly Hits Record High 13.2%

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    December 7, 2014

    The string of unexpectedly bad news in the eurozone continues unabated as Italian Unemployment Rate Rises to Record, Above Forecasts.

    The unemployment rate rose to 13.2 percent from a revised 12.9 percent the previous month, the Rome-based national statistics office Istat said in a preliminary report today. That’s the highest since the quarterly series began in 1977. The median estimate of seven economists surveyed by Bloomberg called for an unemployment rate of 12.6 percent in October.

    The youth unemployment rate for those aged 15 to 24 rose to 43.3 percent last month from 42.7 percent in September, today’s report showed.

    Expectations vs. Reality

    Economists expected a drop in unemployment of 0.3%. Instead unemployment rose 0.3%.

    Italian Prime Minister Matteo Renzi blamed the rise on an increase in the participation rate, with more people looking for a job.

    Similar to the setup in the US, those who want a job but do not look for one are not considered unemployed. Instead, they are considered “discouraged workers”.

    Read more at http://globaleconomicanalysis.blogspot.com/2014/11/italys-unemployment-rate-unexpectedly.html#efe8ifK1xXVj1y3j.99

    Images: Flickr (licence attribution)

    About The Author

    Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.  Visit Sitka Pacific’s Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

    You are currently viewing my global economics blog which typically has commentary every day of the week. I am also a contributing “professor” on Minyanville, a community site focused on economic and financial education.  Every Thursday I do a podcast on HoweStreet and on an ad hoc basis contribute to many other sites.

    When not writing about stocks or the economy I spend a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com.


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