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Italy July jobless rate rises to 12.6 percent

[August 29, 2014] ROME, (Reuters) - Italy's seasonally adjusted unemployment rate rose in July to 12.6 percent from 12.3 percent the previous month, data showed on Friday.

July's figure was above the median estimate of 12.3 percent forecast by a Reuters survey of eight analysts. The disappointing data followed an unexpected fall in the jobless rate in June.

The overall employment rate dropped slightly to 55.6 percent in July from 55.7 percent in June.

Unemployment in Italy, which slid into a triple-dip recession in the second quarter of this year, has been rising steadily since early 2011, when it was below 8 percent.

Youth unemployment fell to 42.9 percent in July, its lowest since March, after hitting a record high in the previous month. Unemployment among 15-24 year-olds had run at 43.7 percent in June, the highest level since the data series began in 1977.

Prime Minister Matteo Renzi has said that creating jobs, especially for young people, is the top priority of his government. Renzi is due to unveil a raft of measures aimed at reviving Italy's moribund economy later on Friday.

In July, 69,000 more people were out of work compared with the previous month, ISTAT said.

(Reporting by Isla Binnie)

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