Italy jobless rate at five-year low
Italian unemployment dropped 0.6 percent to 10.9 percent in July over the same period last year, national statistics bureau ISTAT reported. This is the lowest unemployment rate since 2012, according to Prime Minister Paolo Gentiloni, who credited the government’s Jobs Act labor reform for the phenomenon. “Unemployment at 2012 lows. Good results from Jobs Act and recovery. Still a lot to do but encouraging trend,” Gentiloni tweeted. In its latest report on the labor market, ISTAT reported that 78,000 new jobs were created in the second quarter (up 0.3 percent over the previous quarter). There were 149,000 new hires (up 0.9 percent) in the period, of which eight in 10 were on temporary contracts.