Italy Unemployment Rose to Highest in 13 Years in October
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Italy’s unemployment rate rose more than expected in October to the highest level in 13 years as businesses refrain from hiring after the recession entered its second year.
The unemployment rate rose to a seasonally-adjusted 11.1 percent from 10.8 percent in September, Rome-based national statistics office Istat said in a preliminary report today. Economists had predicted a reading of 10.9 percent, according to the median of eight estimates in a Bloomberg News survey. Unemployment remained above 10 percent for a ninth month.