Italy jobless rate rises to 7.7pc

3 July, 2020 12:00 AM printer

ROME: Italy’s unemployment rate rose to 7.8 percent in May from an upwardly revised 6.6 percent the month before as some 84,000 jobs were lost, national statistics bureau ISTAT reported on Thursday.

A Reuters survey of nine analysts had forecast a jobless rate of 7.7 percent. May is the third month of jobs data to reflect the impact of Italy’s outbreak of the coronavirus which came to light on Feb 21, report agencies.

The government’s lockdown measures aimed at containing infections brought the economy to its knees, with most firms shuttered throughout March and April.

The jobless rate plummeted in those two months as people stopped looking for work. The rise in May reflects the gradual end of the lockdown and Italians returning to the labour market.

Only people actively looking for a job count towards the unemployment rate.