Italy jobless rate falls to 5.7% in November, but 13,000 jobs lost

Italy’s unemployment rate dipped to 5.7 per cent in November, the lowest reading since the current series began in 2004, but 13,000 jobs were lost during the month, national statistics bureau ISTAT reported on Tuesday.

The jobless rate in October was 5.8 per cent and a Reuters survey of 11 analysts had forecast a November reading of 5.9 per cent. In the September-to-November period, employment was up by 49,000 or 0.2 per cent, compared with the previous three months, ISTAT said.

In November, the number of people in work was up by 328,000, or 1.4 per cent, compared with November 2023. In the same month, the number of so-called “inactive” people, who are neither in work nor looking for work, rose by 23,000, or 0.2%, from October, and by 323,000 (2.6 per cent) on a yearly basis.

The youth unemployment rate, measuring job-seekers between 15 and 24 years old, rose to 19.2% in November from a revised 17.8 per cent the month before.

Italy’s overall employment rate, one of the lowest in the eurozone, was stable in November at 62.4 per cent.

Italy’s 10-year yield was up 2 bps​ at 3.597 per cent, after touching 3.629 per cent, its highest since Nov. 18. The gap between Italian and German yields widened 1.5 bps to 112.7 bps.

Germany’s two-year bond yield, which is more sensitive to changes in ECB rate expectations, was little changed at 2.197 per cent.

Meanwhile the Italian industrial output was flat in October from the month before, a weaker than expected reading, following a revised 0.3 per cent decline in September, data showed on Tuesday, as the country’s manufacturing sector continues to struggle.

A Reuters survey of 18 analysts had pointed to a 0.2 per cent month-on-month increase in October.

September’s data was revised up marginally from an originally reported fall of 0.4 per cent.

On a work-day adjusted year-on-year basis, industrial output in the euro zone’s third largest economy was down 3.6 per cent, the 21st consecutive annual decline, after a 3.9 per cent drop in September, national statistics bureau ISTAT said. In the three months to October output was down 0.7 per cent compared with the May-July period.

In October, month-on-month rises in output of consumer goods and energy products were offset by declines in investment goods and intermediate goods.

The Italian economy stagnated in the third quarter from the previous three months due to a slump in exports and investments, ISTAT reported last week, and recent indicators have been largely weak.

ISTAT said that if growth also stagnates in the last three months then full-year expansion will come in at just 0.5 per cent, half the government’s official forecast of 1 per cent.

Meanwhile the UAE General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (GS-NAMLCFTC) and the Italian Guardia di Finanza signed a Memorandum of Understanding (MoU) marking the beginning of a strategic partnership in the fight against the emerging financial crime threats.

By fostering coordinated efforts, this agreement facilitates the exchange of expertise and best practices between law enforcement agencies and AML authorities, to effectively counter key threats such as money laundering and tax evasion.

The MoU was signed by Hamid Saif Al Zaabi, General Secretary and Vice-Chair of the UAE the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee AMLCFT Committee, and Lieutenant General Leandro Cuzzocrea, Chief of Staff of the Guardia di Finanza.

Al Zaabi said, “The signing of this MoU represents a crucial step in strengthening the relationship between the UAE and Italy in the realm of financial crime prevention.

Together, we aim through this MoU to set a global benchmark for international cooperation, ensuring that financial systems are safeguarded from illicit activities and that perpetrators are brought to justice.

The strong bilateral cooperation between the UAE and Republic of Italy in AML/CFT has led to the arrest and extradition of high-profile criminals and the seizure of significant illicit assets. By signing this MoU we are sending a clear message to criminals that we will relentlessly protect our societies and economies from the destructive impact of their actions.”