​Italian unemployment falls to three year low!

Italian unemployment falls to 3-year low - FT.com

The rate today is a super low 11.4%. Wait! What? 

"Italy’s unemployment rate fell to a three-year low in March, providing relief for Matteo Renzi, the centre-left prime minister, and stoking hopes that months of stagnation in the labour market of the eurozone’s third-largest economy have ended.

According to Istat, Italy’s statistical agency, joblessness slid from 11.6 per cent in February to 11.4 per cent in March, its lowest level since late 2012, as the number of unemployed Italians fell by 63,000 and the economy added 90,000 positions compared with February.

Italy’s jobless rate still remains well above the eurozone average of 10.2 per cent, a result of the country’s long recession, meek economic recovery and widespread structural problems."

Remember these are the official figures which do not account for the numbers of people who have slipped into disability, or on to welfare of some kind. In the US, we simply do not tolerate these unemployment levels, but in the southern swing of Europe they are life as usual.  

Europe must begin to seriously reform its work rules, wage rules, union rules, welfare rules, and oh so much more if it is to remain in the first world. If these countries do not wish to do so, fine, but attempting to remain in the EU is silly if they don't. The game is, however, to remain in the EU since this offers the politicians much cover for endless graft and corruption, and deflects the voters from anger at the Italian politicians and towards the EU bureaucrats.

None of this will make the Italian people wealthier, more prosperous, or more secure. In fact it does the opposite. I am concerned we are about to see the final fracturing, and a great depression in the European southern swing of countries. All to afford the local politicians a bit more time at the graft and corruption trough. 

Please note the entire Eurozone unemployment averages 10.2%, again a disastrously high number by US standards. 

Good bye Italy, good bye Europe, we hardly knew you!

If you would like to see some internals on the Italian labor market this link has graphs, and more information.

The trials and tribulations of Italy’s labour market in 8 charts

You're welcome!