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Italy slumps while Germany forges ahead - the eurozone's unemployment patchwork


economy

Italy slumps while Germany forges ahead - the eurozone's unemployment patchwork

While the eurozone’s jobs market shows signs of a revival, with unemployment falling slightly in February, there are winners and losers.

Italy, Europe’s number three economy which is still grappling with vanished growth, saw its unemployment rise slightly to 12.7%. In early 2011 it was under eight percent, but it has risen ever since.

Youth unemployment stands at 42.6%, and all the figures are slightly worse than forecast. Prime Minister Renzi says creating jobs, especially jobs for young people, is his government’s priority.

Italy’s recession is proving to be persistent and there are few signs the measures Renzi has already taken are having the desired effect.

However in Germany it is a very different story. The figures for March suggest unemployment there has hit a record low of 6.4% as German companies created 15,000 jobs, beating all forecasts.

With consumer spending largely responsible for 2014’s good economic data more people in work with money to spend suggests 2015 will continue to be driven by retail sales.

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