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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ITALY DATA
The Italian unemployment rate for November surprised to the downside, printing at an unrounded 7.46% (vs 7.8% cons, a downwardly revised 7.71% prior).
- Note that in October, the unemployment rate surprised consensus to the upside (at 7.8% vs a 7.4% expectations at the time), clouding the interpretation of this month's data somewhat.
- A 3M moving average suggests that the unemployment rate continues to be stable around 7.6% (November: 7.58%, October: 7.59%, September 7.60%).
- The fall in the unemployment rate (and number of unemployed persons) was met with a rise in employment, with the 3M/3M SAAR employment growth rate rising to 2.26% (vs 2.05% in October) and the employment rate ticking up a touch to 61.84% (vs 61.79% prior).
- Looking at demographics, the majority of the fall in unemployment and rise in employment was seen amongst women. The rise in employment was driven by those 35 or older, while all groups other than 25-34 year-olds saw a fall in unemployed people.
- Looking to the December data, both the PMIs and the latest EC survey indicated that employment will remain stable/rise slightly. The December Employment Expectations Indicator rose a touch to 104.2 (vs 104.0 prior). However, the 3MMA of this metric has been trending lower for the last 3-months.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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