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19/6/2021  
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EMPLOYMENT
Jobless rate

Italian youth unemployment still under recovering


Italian youth unemployment broke a new record , hitting 44.2% in June´s figures. That´s despite the fact the eurozone is clearly now recovering from years of recession and stagnation youth unemployment jumped to a high record. Two European countries still have higher youth unemployment than Italy: Greece´s rate is 53.2% and Spain´s is 49.2%.
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Unemployment increased to 12.7 percent from a revised 12.5 percent in May, statistics agency Istat said in a preliminary report in Rome on Friday. The median estimate in a survey of nine analysts called for a rate of 12.3 percent. Italian unemployment overall is higher than eurozone unemployment, at 12.7%, the figure for the whole bloc is 11.1%. 

Youth unemployment in June rose to the highest rate since the series began in 2004, from 42.4 percent in May. Employment dropped for a second month in a row, with about 22,000 jobs lost in June alone, according to the report.

The eurozone´s youth unemployment, at 22.5%, is about twice as high as the overall level. In Italy´s case it´s nearly 3.5 times higher than the headline rate, suggesting a pretty brutal future for the country´s young people  and that something is seriously wrong with the labour market.

The numbers come as the Italian Prime Minister is pursuing economic reforms that the government hopes will make the eurozone´s third largest economy dominant in Europe and the world within 20-30 years.

The jobless rate rose in June to 12.7 percent, up 0.2 percent on a month earlier, Istat, the national statistics agency said - a figure grasped by opposition parties as proof that Renzi´s ´Jobs Act´, launched in March, was failing.

The data for youth unemployment was particularly striking, showing it had risen to 44.2 percent in June -- the highest level since 1977.

Other issues Employment
Coronavirus exposes danger of cuts to sick pay for Europe´s workers since the financial crisis
Euro area unemployment at 7.9%
Record number of people in employment in the EU
More than 1 in 5 self-employed in the EU had seized a suitable opportunity to run their own business
Euro area job vacancy rate at 2.1%
Annual growth in labour costs at 2.2% in euro area
Employment up by 0.4% in both the euro area and the EU28
European Parliament vote in favour the legal framework for the European Solidarity Corp
Employment Social review confirms positive trends but highlights needs for skills and and inclusion
New EU rules ensure better protection for 120 million holidaymakers this summer

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