In recent news, Italy's jobless rate has fallen to its lowest in November of last year. This makes it the lowest rate for the past three years, dropping to 11.3% from 11.5%.
Nearly 500,000 are jobless back in November 2015, which means that the total number of unemployed Italians are now at 2.87 million. These are the preliminary figures shown by the statistical office, Istat.
This just makes Prime Minister Matteo Renzi's job a vital one as his government policies call for job creations. The numbers seemed to have favored Renzi's policies.
Renzi has revamped Italy's labor code which makes terminating and hiring employees easier for companies. In addition, the new policy rewards tax breaks to employers who hire job seekers on an open-ended basis. "Italy is back on track, back at work", Renzi says explaining that his Jobs Act has demonstrated success.
Reports have indicated that fresh graduates and youth employment are affected by this when in November, the rate fell to 38.1% from 39.3%. This makes it the lowest rate recorded since June 2013.
Be that as it may, Renzi still has a long way to go for Italy to cement its place in the employment platform again. Sustainable growth may still be too far to see when production fell in the last two months in 2015 where the country's growth slowed down in the last quarter.
Consumer associations such as Federiconsumatori and Adusbef has expressed that the unemployment rate is still too high, saying...
We remain astonished at the optimism expressed in the face of the alarming figure of 11.3 percent unemployment.
This places Italy at a tough spot while the nation tries to win back the confidence from consumers and businesses alike. Although Italy's inflation slowed down last month when the European Union harmonized annual index to 0.1%, it's still a sign of potential weakness.
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