In FebruaryUnemployment in Italy rose to 13%, the highest level for the last 37 years. Referring to the national statistical agency Istat, Gazzetta del Sud reported that more than 3.3 million Italians were without jobs in February.
Moreover, unemployment among people aged 15 to 24 in Italy rose to 42.3% in February when measured on an annualized basis. So, the youth jobless rate increased 3.6% as compared to February 2013.
Italy’s Premier Matteo Renzi who took charge of the Cabinet in February 2014, stated that unemployment has been the major concern that has to be solved by the government. He set a goal to implement measures aimed at creating jobs and boosting growth in one of the most troublesome economies in Europe.
For your reference, job markets in some other European countries are even weaker. So, in Greece and Cyprus the jobless rate hit 27.5% and 16.7% respectively in early 2014.
The United Nations reported last week that worldwide at least 74.5 million people under 25 are not able to find a job. Therefore, the UN warns Italy's high rate of youth unemployment is part of a global phenomenon that threatens an entire generation.
