While euro zone unemployment maintained a steady 12% in August, Italy’s jobless rate rose from 12.1% to 12.2%. But it was youth unemployment that took the worst hit in the euro zone’s third largest economy, reaching a new all-time high of 40.1% from 39.7% in July, reports the Guardian.
The rise comes at a time of political instability in Italy. The Italian center-right party, headed by Silvio Berlusconi, pulled out of Prime Minister Enrico Letto’s coalition government on Sept. 28 after five months of shaky cooperation. Italy’s coalition government has been particularly unstable since Berlusconi’s tax fraud conviction was upheld by a top Italian court on Aug. 1, reports Reuters.
In addition to its high levels of youth unemployment, Italy is also struggling to manage a two-year-long recession and a two trillion euro ($2.7 trillion) public debt.