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Youth in Italy are having real tough time even after improvement in outlook. Where business outlook and sentiment has improved this year, over ultra-loose monetary policy from European Central Bank (ECB). It has so far been a jobless recovery.
Italy's situation makes it clear that improving sentiment is not going to bring the work force back in payroll alone, it requires policies to improve growth.
- Latest job report from Euro zone showed, situation hasn't improved in Italy's job market. Italy's unemployment rate has actually edged up to 12.7% in June from 12.5% in May.
High school and university graduates are still struggling to secure a job, pushing youth unemployment rate to 44.2%, highest since 1977.
We have clearly been arguing that -
- Monetary policy alone is simply not enough, growth friendly policies from fiscal side are clearly required to improve outlook.
- Euro zone will not be able to achieve the desired inflation without bringing people back to workforce. An inflation without recovery in jobs will have unduly consequences.
- Improving the employment scenario would actually bring back demand driven inflation.
