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Youth Unemployment In Italy Hits Record 28.9%

Tyler Durden's picture





 

The fundamentals of the last PIG country, which has so far avoided the bond carnage of its peripheral peers, reported that while broad unemployment was 8.7%, the "highest since the beginning of the beginning of the time series in 2004" it is youth unemployment which, like in Spain, is becoming a few bigger issues. Corriere Della Sera announced that youth unemployment has hit a record of 28.9%: "Youth unemployment, however, did rise as the rate climbed to 28.9%, up
0.9 percentage points on October and 2.4 points higher than in November
2009. This, too, is the highest level since time series were introduced
in January 2004." Yet even at these levels, this is still modest compared to countries like Spain, where the same metric was trending around 40% and is expected to remain there through 2011.

There is some good news though, especially for women workers in Italy:

Nevertheless, slightly more (50,000 or 0.2%) Italians were in employment
in November compared with October, 0.1% (14,000) more than in November
2009. ISTAT’s estimate, based on deseasonalised figures and provisional
estimates, notes that the increase is due to greater numbers of women
employed, with legalisations of home helps and carers, and the presumed
impact of part-time workers.

That said, with fundamentals no longer relevant, the only catalysts the market is concerned about for the next several days will be the plethora of bond auctions with Portugal coming to market tomorrow, followed promptly by Spain. Both are expected to price their issues at or near all time wide levels, which explains why the ECB has been in the market all day today, buying up every piece of paper available in an attempt to stabilize the market ahead of tomorrow.

h/t Shai

 


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Mon, 01/10/2011 - 13:23 | Link to Comment Red Neck Repugnicant
Red Neck Repugnicant's picture

Just give the Italian rich a 3% tax cut.  That will solve the pesky unemployment problem. 

Trickle down to the Brioni store, bitches. 

Mon, 01/10/2011 - 16:55 | Link to Comment Calmyourself
Calmyourself's picture

Allowing them to write off capital equipment would greatly help the workers but that would also help rich people who build factories so never mind..

Mon, 01/10/2011 - 13:21 | Link to Comment Ragnarok
Ragnarok's picture

OT: Fed Turns Over More Profits to US Treasury

 

The Federal Reserve will turn over a record $78.4 billion to the U.S. Treasury Department as swollen securities portfolios generated big profits in 2010, the U.S. central bank said on Monday. The remittance to Treasury for 2010 is $31 billion more than a year earlier. "The increase was due primarily to increased interest income earned on securities holdings during 2010," the Fed said in a reference to portfolios that have been fattened by buying that is designed to stimulate a slow-paced recovery.

 

http://www.cnbc.com/id/41003401

Mon, 01/10/2011 - 13:43 | Link to Comment EscapeKey
EscapeKey's picture

They better buy up even MORE bonds, then, and the payback will be even greater.

In fact, if they buy up $10 quadrillion, the US should be able to live off the interest alone.

Mon, 01/10/2011 - 13:26 | Link to Comment Horatio Beanblower
Horatio Beanblower's picture

I fear that high youth unemployment in Europe will eventually lead to severe inter-generational conflict.  The youth will want answers, and I am not sure who will be able to supply the answers.

Mon, 01/10/2011 - 13:29 | Link to Comment Mike2756
Mike2756's picture

They'll get 'em, just like they did in Algeria.

Mon, 01/10/2011 - 13:42 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

o/t -  "US forced to import bullets from Israel as troops use 250,000 for every rebel killed"

Looks like you removed your o/t link.

This ratio/number has been going up for over a century. I read an article a bit ago (can't remember where) that outlined this ratio rising since the civil war. While increased "training" has something to do with it, several studies have shown that people, no matter how well "trained" people are (meaning indoctrinated and brainwashed to kill) they simply don't wish to kill others.

Without being conscious of it, during the actual shooting at each other part of war, people on average often shoot high or wide. While our leaders tell us who to hate and why, for the most part we simply don't wish to kill each other or just "others".

Some very interesting books have been written about the psychological conditioning that goes into "training" soldiers to kill. And the increasing frustration at not succeeding too well, at least not when you can see your actual victim.

Explains a lot about "stand off" weapon systems.

Mon, 01/10/2011 - 14:02 | Link to Comment Horatio Beanblower
Horatio Beanblower's picture

CD,

 

The statistic was misleading, in my opinion.  They divided the amount of 'insurgents' killed in Afghanistan by the total amount of bullets used by the US Military in all operations and training, not just the bullets expended in Afghanistan.  In other words, it was total bollocks.  Here is the link - http://www.belfasttelegraph.co.uk/news/world-news/us-forced-to-import-bullets-from-israel-as-troops-use-250000-for-every-rebel-killed-15050027.html

 

The vast majority of people would find it very difficult to kill another human being, unless they have been conditioned to do so.  I think this is where video games are very useful tools for governments such as the US and the UK.

Mon, 01/10/2011 - 14:52 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I agree that the counting and mythology was faulty in the link. I read it and turned my nose a bit. But my position still has merit. People don't wish to kill other people and even when "trained" to kill, they find it difficult to do so. And trained soldiers do unconsciously aim high. It's well understood in the military.

Target practice is one thing, killing a person is another. The military acknowledges this especially when training snipers. One of the outcomes is working in pairs.

I'm going to hunt down find that study I was reading that gave hard numbers from the civil war on.

Tue, 01/11/2011 - 22:08 | Link to Comment Guy Fawkes Mulder
Guy Fawkes Mulder's picture

The vast majority of people would find it very difficult to kill another human being, unless they have been conditioned to do so.  I think this is where video games are very useful tools for governments such as the US and the UK.

There's a counterpoint to be made here. That since Cro-Magnon man has generally lived in times and conditions where killing other, threatening humans (or at least being ready and able to kill) was mandatory to his survival, the vast majority of people right now are merely conditioned to find it very difficult to kill another human being.

Let electricity and / or police services stop for a month, and perhaps the vast majority of people will get reacquianted with the killer inside, or else perish.

Mon, 01/10/2011 - 14:12 | Link to Comment Canucklehead
Canucklehead's picture

You use lots of bullets to fix their position while you maneuver against them.  They don't march in lines against the enemy like Civil War times.

Go watch Restrepo for a view of how it's done.

Mon, 01/10/2011 - 14:23 | Link to Comment Horatio Beanblower
Horatio Beanblower's picture

I think it's called 'priming the kill zone, bitchez'.

Mon, 01/10/2011 - 14:59 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I understand about fire suppression and fixing posistions and so on. I'm not saying the desire not to kill is the only factor. But psychological reasons play a significant role and while you may not recognize it, military planners and researchers do. It's discussed in depth in military officer training schools, when designing weapons and when coming up with new training techniques.

Mon, 01/10/2011 - 16:31 | Link to Comment Canucklehead
Canucklehead's picture

What did Mike Tyson say?

... All plans go out the window when you get punched in the face...

I believe Chuck Yeager made references to 5% of the fighter pilots racking up 85% of the kills.

I believe the ancient Greeks spoke of 100 soldiers being sent, of which 85 were targets.  Of the remaining 15, 10 were good fighters.  Of the remaining 5, 4 were superb and one brought everyone home.

I don't see how things have changed much.

Mon, 01/10/2011 - 17:44 | Link to Comment Horatio Beanblower
Horatio Beanblower's picture

Fuck that for a job!

Mon, 01/10/2011 - 13:28 | Link to Comment LawsofPhysics
LawsofPhysics's picture

A hungry idle man, is an angry aggressive man.  Quick, send in the X-boxes!

Mon, 01/10/2011 - 13:29 | Link to Comment alexwest
alexwest's picture

dont take all those south europe stats too seriously
shadow economy is v.v. big, 1/3 or even halfof official ..
its same in in greece /spain / italy

nobody serioulsly believes that 30 % of young man/women dont have a job.. what do they do ?

knowing europe i'd expect constant riots all around europe
if that would be the case..

alx

Mon, 01/10/2011 - 13:31 | Link to Comment Mike2756
Mike2756's picture

Yeah, just like in this country, they are all at home watching movies on Netflix.

Mon, 01/10/2011 - 13:51 | Link to Comment infiniti
infiniti's picture

"nobody serioulsly believes that 30 % of young man/women dont have a job.. what do they do ?"

 

Hang out in public squares, drinking wine and smoking cigs.

Mon, 01/10/2011 - 13:52 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Spot on.  As faith in the system is lost, young people especially find employment "off the radar" and away from the tax man.

Mon, 01/10/2011 - 19:52 | Link to Comment sethstorm
sethstorm's picture

Being off-the-radar also means being away from any protection as well.  Consider that off-the-radar nature two-edged sword.

Mon, 01/10/2011 - 23:00 | Link to Comment Calmyourself
Calmyourself's picture

Protection provided by whom, the Government?

HA, thats good you need a sarc tag on that, right, right...

Mon, 01/10/2011 - 15:10 | Link to Comment CPL
CPL's picture

Again fun with numbers. They don't count the kids going to school as part of the unemployed so in reality the numbers are higher than 30%. So when the government throws around numbers of unemployment I personally take it with a grain of salt.

Going to school a million years ago, I could have counted on at least one roommate doing "nothing" out of four or five guys I lived with in houses we rented. That "nothing" (aka unemployment) usually consisted of selling weed, reading and knowing a tonne of chicks which seemed to be rotating sperm recepticles.

In that situation, that would be a 20% unemployment rate during the summer time and break periods. During school, the household would be 100% unemployed, even with the majority of us working fulltime jobs somewhere so we could escape school without debt. And that was a long time ago.

Mon, 01/10/2011 - 13:35 | Link to Comment thewhigs
thewhigs's picture

Isn't the unemployment of teenagers in the United States quite high as well?

Usually, in general, during times of high unemployment, teenagers and uneducated adults  consist of the largest number of unemployed/underemployed.

That being said, 28.9% is quite high....

Mon, 01/10/2011 - 14:01 | Link to Comment TheGreatPonzi
TheGreatPonzi's picture

"Times of high unemployment"?

You're talking about all that like it was temporary...

In France, we have 10% of unemployment since 20 years ago...

Mon, 01/10/2011 - 14:10 | Link to Comment thewhigs
thewhigs's picture

To be honest, I don't know what the umemployment numbers of individual countries are. I guess my comment was more "United States-centric"....

Mon, 01/10/2011 - 13:51 | Link to Comment entendance
Mon, 01/10/2011 - 14:13 | Link to Comment Yancey Ward
Yancey Ward's picture

With their birthrate, there will soon be no young in Italy to be unemployed.

Mon, 01/10/2011 - 16:09 | Link to Comment Bahamas
Bahamas's picture

Plenty of chinese in Prato. You have classrooms with 1 Italian kid and the rest Chinese.

Italy is a country based on the pensions of the grandparents. When they die, the youths will have to go to work. Plus everybody owns at least one house, so there's no hurry to get a job as long an mom, dad and the grand parents are sharing.

Mon, 01/10/2011 - 16:42 | Link to Comment Zerohedge fan
Zerohedge fan's picture

And those idiots will vote more Berlusconi.

Forza Italia.

Forza Silvio.

Benito is turning upside down in his grave

Mon, 01/10/2011 - 17:57 | Link to Comment Sylvia Plath
Sylvia Plath's picture

Makes you wonder what all those kids do all day long.... You get up, take a shower... and then what?

 

"Idle hands are the glove into which evil slips its hand"

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