Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Italy's unemployment rate edges down in August but 74,000 jobs lost during month

Published 30/09/2022, 09:12
Updated 30/09/2022, 09:17
© Reuters. FILE PHOTO: The city skyline of Venice is seen during the sun sets in the Venetian lagoon, Italy, June 20, 2016.   REUTERS/Fabrizio Bensch

© Reuters. FILE PHOTO: The city skyline of Venice is seen during the sun sets in the Venetian lagoon, Italy, June 20, 2016. REUTERS/Fabrizio Bensch

ROME, Sept 30 (Reuters) - Italy's unemployment rate edged down to 7.8% in August from 7.9% in July, data showed on Friday, but only because people gave up the search for work as 74,000 jobs were lost during the month.

A Reuters survey of 11 analysts had forecast an August jobless rate of 7.9%.

In the three months to August, employment in the euro zone's third largest economy was still up by 85,000, or 0.4%, compared with the March-to-May period, national statistics bureau ISTAT said.

Compared with August 2021, employment was up by 406,000, or 1.8%, it said.

In August, the youth unemployment rate, measuring job-seekers between 15 and 24 years old, fell to 21.2% from 23.1% the month before.

Italy's overall employment rate, one of the lowest in the euro zone, declined in August to 60.0% from 60.2% in July.

Italy's economic prospects have dimmed due to the fallout from Russia's invasion of Ukraine.

The economy grew by a stronger-than-expected 1.1% in the second quarter from the previous three months but is now slowing down sharply as firms and households grapple with surging energy costs.

The Treasury said on Wednesday that gross domestic product would "decline slightly" over the second half of the year.

ISTAT gave the following data:

AUG JULY JUNE MAY JOBLESS RATE 7.8 7.9 8.0 8.0

YOUTH UNEMPLOYMENT RATE (15-24) 21.2 23.1r 22.9r 21.8r

© Reuters. FILE PHOTO: The city skyline of Venice is seen during the sun sets in the Venetian lagoon, Italy, June 20, 2016.   REUTERS/Fabrizio Bensch

EMPLOYMENT RATE (15-64) 60.0 60.2r 60.3r 60.1r

r=revised

(

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.