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Finance

Italy Dec jobless rate rises to 6.2%, employment stable

Published by Global Banking and Finance Review

Posted on January 30, 2025

Featured image for article about Finance

ROME (Reuters) -Italy's unemployment rate rose to 6.2% in December from an upwardly revised 5.9% the month before, national statistics bureau ISTAT reported on Thursday, while employment levels were broadly stable during the month.

A Reuters survey of 12 analysts had forecast a December jobless rate of 5.7%, which was the previously reported figure for November.

Over the whole of the fourth quarter, employment in the euro zone's third largest economy was up by 27,000, or 0.1%, compared with the previous three months, ISTAT said.

In December, the number of people in work was up by 274,000, or 1.2%, compared with December 2023.

Employment has been growing in Italy despite a stagnant economy.

Gross domestic product was flat for a second consecutive quarter at the end of 2024, ISTAT reported earlier on Thursday, casting a shadow over growth prospects this year.

The youth unemployment rate, measuring job-seekers between 15 and 24 years old, was stable in December at 19.4%.

Italy's overall employment rate, one of the lowest in the euro zone, slipped in December to 62.3% from 62.4% the month before.

(Reporting By Gavin Jones, graphic by Stefano Bernabei)