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Italian unemployment hits new record high


Italian unemployment hits new record high

Italian unemployment jumped in October to 13.2 percent, a new record high since ISTAT began compiling the series in 1977.

With Italy heading towards a third successive year of recession unemployment in the 15-24 age group is 43.3%, a doubling since 2008’s financial crisis.

Prime Minister Renzi has just won a parliamentary vote on a Jobs Act intended to free the labour market and encourage hiring, but it is not expected to produce significant results in the short term, so Italy’s longest postwar slump looks set to drain jobs for a while to come.