Italy Unemployment Unexpectedly Deteriorates To Highest Since June 2015; Youth Unemployment Jumps To 39.4%

Tyler Durden's picture

While the rest of Europe's troubled periphery has been enjoying a slow, if steady, economic improvement in recent years (it is unclear if it would sustain should the ECB's QE backstop be withdrawn and sovereign interest rates spike), in an unexpected deterioration reported earlier this morning, Italy’s unemployment rate rose to the highest level since June 2015, as the country struggles to regain a solid economic footing.

According to Italy's statistics agency Istat, the jobless rate jumped to 11.9% in November, up from a revised 11.8% the month before, and well above the 11.6% consensus forecast. Despite the headline deterioration, there were 19,000 more people employed in Italy in November compared with the month before, Bloomberg reports.


Even more troubling, youth unemployment rose to 39.4 percent, up from 37.6% and the highest since October 2015.

The Italian deterioration stood out across a stable European backdrop: the November unemployment rate for broader euro area was 9.8%, the European Union’s statistics office in Luxembourg said later Monday.

While Istat recently said on December 30, that businesses foresee an employment boost for Italy’s manufacturing industry, with a decrease in trade, construction and services, the practical reality is less optimistic especialy after UniCredit SpA, the nation’s largest bank, said last month it plans a 21% reduction of its workforce in Italy by 2019.

The government of new Prime Minister Paolo Gentiloni has been seeking to create more jobs to put the economy on a steady upward path. Growth picked up to 0.3 percent in the three months ended in September from near-stagnation in the previous quarter.

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Sandmann's picture

Where is the real statistic: Unemployed Bankers ? I want to see the effect of the Hank Paulson "Banker Full-Employment Act 2008" and the "Draghi "I Was Never Governor of Bank of Italy when It Happened" Scheme"

We always hear about Youth Unemplyment and never the Success of the Policy to save Banker Skins

Paul Kersey's picture

And what would the real unemployment rate be in the U.S., if those who were actually unemployed (no longer in the workforce) were included?

"The year definitely ended with a bang and the number of Americans not in the labor force is now at a record high as well. 95.1 million Americans are now floating in the “not in the labor force” category that finally got some mainstream attention in 2016. This is a big deal because you have an enormous proportion of your adult population off the charts. This convenient math has also allowed the unemployment rate to look lower than it probably should be. After all, if you are simply dismissing millions from your overall calculation then things can look better. We end the year with an enormous number of adults that have fallen off the labor force bandwagon and in many cases, you have old adults who wish to retire but realize their new retirement plan is working until they die.
The non-working army

In the last three months of the year the not in the labor force figures jumped by a whopping 841,000. This figure dwarfs any job gains that have been made over the period. You need to understand that this is significant because even if the figures are booming by older Americans, this simply means liabilities are going to be surging across the board.

So we end the year with a record number of Americans not in the labor force. Are we on track to seeing 100 million Americans not in the labor force?"

two hoots's picture

Italy labor participation rate:  64.77   US:  62.7

A good site to bookmark for country economics:

196 countires:


Dame Ednas Possum's picture

It sounds like Italy needs tens of thousands of useless migrants. 


Edit: I see that 'Voices' effectively made this point earlier lower down the thread, albeit with less sarcasm that I. 

walküre's picture

Holy Fuck! Germany's rate is 60.5% and the economy is apparently firing on all cylinders!

This should be front & center on every German newspaper every day of the week for a month!

I know the German economy sucks actually monkey balls unless you're lucky enough to win the lottery of federal or state employment. Same as everywhere else. Ordinary Germans aren't able to make ends meet and the cost of EVERY insurance has gone up HUGE this January. Lots of Germans are working on contracts, few benefits, no job security. Company pensions are now few and far in between. 1 out of 5 kids lives in a family where the parents get welfare. Many Germans couldn't get by without help from the welfare office that is now called "job center". That's not a joke.


German propaganda about how great their economy supposedly is has NEVER BEEN THICKER! Merkel's approval ratings are supposedly UP and her party is gaining in the polls. What the fuck ever.

Revolution will come and it will start with the German police forces which have their hands tied in the fight against NAFRI SCUM. Too many officers assigned to fucking NIGGER patrol duties at every public event.

It will boil over, not a matter of IF but WHEN.

WayBehind's picture

One should understand, the Italian millenials, just like the US youth, are not intersted at getting a job. There goes your 40% youth unemployment.

wildbad's picture

No worries mates! Beppe wants to stay in the €uro now so all will be well /s

wildbad's picture

..nor having kids.

once the poster child for large families and well loved children, they are now behind cold germany in births per capita.

the state has deincentivized the glue which held together that society and gave some übergenerational impetus to not eat your seed corn.

ciao bella! arrivederci roma!

TheVoicesInYourHead's picture

There is a huge and growing illegal migrant workforce in italy.

Guess what happens when there are millions of illegals willing to work for a peasants wage? Citizens cannot compete.

Jason T's picture

I was reading last night history book of US .. chapter on immigration, we were so much more against inflow of immigrants at turn of century.. 1917, had to be able to read to come to US .. banned from india, china, japan, and had quotas on italians, ..basically all southern europeans and eastern europeans.

Americans wanted to protect the cultural integrity of the nation.. and labor wanted to protect it's wages.

how far we've come!

jamesmmu's picture
Will this rising LIBOR rate be the market shock that will initial the selloff that long overdue?
Vardaman's picture

Everyone knows the hardest workers in Italy are the pickpockets and the gigolos.  The first job requires skill, the second, good looks and guile.  There are only so many openings for both jobs.  Where would you expect that to leave everyone else there?

UnschooledAustrianEconomist's picture

The north of Italy still is an industrial powerhouse. Misery is starting around Rome and getting worse and worse...

CRM114's picture

There are only two openings for the second job ;)

Grandad Grumps's picture

And, so the trends continue. The biggest issues for the criminally corrupt parasitic elitists, as I understand it,are:

1. They live in the countries they are trying to destroy and they may not make it to the bunker in time to ultimately evolve into thralls.
2. They are mostly of the "white race" they are rtying to destroy.
3. They seemingly have no clue who's agenda they are promoting and seemingly don't care ... because they believe what they are doing is trendy, fashionable an compassionate. IMO, they are idiot tools of the father of lies.

Arrest Hillary's picture

Italy has one of the best gold reserves .... for her size .... correct me if I'm wrong ?

cwsuisse's picture

Yes that's correct but the gold reserves mean nothing in the face of Italy's government debt

walküre's picture

Italian people have been collecting gold forever. There is ALOT of unreported and unknown wealth in Italy. Maybe more than in other country in the world. Consider how old this civilisation is and the families that have started there and ventured out into the world. Old world wealth didn't necessarily go away over the centuries, not even during revolutions or wars.

Italians have among the least amount of household debt. The government is pisspoor and almost broke but the people have wealth. Now if they could only close the Southern border and send the migrant boats back instead of processing them, it would be paradise.

CRM114's picture

With respect, the methodology used to generate official employment statistics is almost completely useless. Not only are there half a hundred ways for the Government to count or not count whoever they like to make the figures look good, but in almost all European countries they haven't got a f-ing clue how many people are even in the country (and politically have a vested interest in NOT measuring this correctly), or how big the grey or black economies are, not to mention the ubiquity of 'sub-contractors'. These are not small numbers. The UK population could be wrong by 10%, and Italy is probably worse.


I also see very little effort by anybody to explain why the various input and output figures don't match. Why have I seen income tax receipts (which is a 'hard', i.e. verifiable, number) dropping when employment and average wages are supposedly both up, for example?



wisehiney's picture

Highly deflationary.

Dominus Ludificatio's picture

I see Romania at 5.7% unemployment rate,then why are there so many of them looking for work in Italy?

PontifexMaximus's picture

Coze they'r smarter than the italos and they know where to get the "grano".

walküre's picture

Gypsies and hookers "working" outside Romania?

Offthebeach's picture

They are there to make riches. The economists say so. Matter of fact if a,billion Indian, a billion Chinese, and a billion Mohammedans washed up, Italy would be super duper awesomely rich!

THE DORK OF CORK's picture

A recovery in prices (GDP )does not insure wealth creation.

UK domestic energy consumption has crashed by 12% in the third quarter as the carbon price floor has eliminated the remaining coal power stations.

The UK operates under a full employment consumer war economy but the resident people are dirt poor because their income continues to decline relative to prices.

This massive industrial sabotage policy is designed to insure the banks total monopoly of credit.

THE DORK OF CORK's picture

Full employment does not create wealth in a Industrial economy.

Final energy consumption after production and distribution inputs have been subtracted is a much better indicator of wealth.

Full employment under current circumstances is one of the banks primary scarcity weapons.

GraveDancer's picture

pre-WW1/WW2 type economic situation globally!

Book> The Road to World War III: Can the Dark forces of anti-Freedom trump Humanity?


cwsuisse's picture

It is more than doubtful that the rest of Europe's troubled periphery has been enjoying a slow, if steady, economic improvement in recent years. Fundamentals are still lousy and the only noticeable improvement has been supressed governement debt crisis which has arrived at the cost of zero interest rates and the certainly ensuing pension crisis.

Offthebeach's picture

Young people need to save more, if they worked. Savings in TBTF banks are "investments". Young need to spend too, to stimulate the economy. But also save. They need to borrow from the TBTF banks too. If they had work, and perfect credit. They also need to welcome immigrants, who make wealth, someday, but in the meantime need housing, food, job training, micro loans, and education and sex.


The Elite

NEOSERF's picture

4M disenfranchized youth in Europe.  One wonders if this includes the 2M refugees.  2M just in the Big 4 countries alone...setting up to be a bad summer one of these years.

mtanimal's picture

I thought they needed refugees because labor demand was so high and Europeans are reproducing fast enough?  (Isn't that the corporatist line?  If we don't have migrant labor, we don't have enough button pushers, or some such shit like that)

How do they reconcile that bullshit with the unemployment numbers?

ExpertiseAsia's picture

Things are turning for the worse again in Italy. We will get to the point of popular opinion that the country has to exit the eurozone. 

Expertise Asia's latest Asia morning piece on why this will almost be impossible here...