Italian Quarterly Unemployment Rate Falls to Lowest Since 2012By
Italy’s unemployment fell in the three months through June to the lowest in almost five years, amid signs that the country’s labor market is recovering on a stronger economy.
The jobless rate declined to 11.2 percent from 11.6 percent in the first quarter, statistics agency Istat said Tuesday in Rome. The median estimate of seven analysts surveyed by Bloomberg called for a reading of 11.3 percent. The actual figure was the lowest since the third quarter of 2012.
Italy’s monthly unemployment rose to 11.3 percent in July, Istat said in a separate report last week.
Italian employment still hasn’t recovered to pre-crisis levels. Even after 10 straight quarters of economic expansion, the so- called full-time-equivalents, a measure of worker involvement in the economy, is 1.1 million units below that point. That’s even though the total number of people in any sort of employment is almost back to the 2008 peak.
— With assistance by Andre Tartar