Italy's Unemployment Hits Record High 12.5 Percent: Survey

 
on October 31 2013 8:17 AM

The Italian unemployment rate rose more than expected to a record 12.5 percent in September as 80,000 workers lost their jobs amid the worst recession the country has experienced since World War II. Unemployment for people ages 15 to 24 also reached an historic high, rising to 40.4 percent of the total youth population, Bloomberg reports

The total employed population in Italy is 22,349,000, or about 55 percent of the total population.

According to Italian National Institute of Statistics' monthly labor force survey, the unemployment rate increased by 1 percent, driving the unemployed population up to 3,194,000. Thirty-six percent of Italy’s population no longer participates in the workforce, a 0.5 percent increase from August. 

Antonio Golini, the acting chairman of Istat, told Parliament on Oct. 29 that Italy's GDP will lose 1.8 percent this year, more than the 1.4 percent his office predicted in May.

Employment is higher among male Italians, who make up 64.4 percent of the workforce. Women account for 47 percent of Italy’s employed workers.

The October jobs report will be released on Nov. 29. 

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