Lunedì, 24 Settembre 2018

Italian wage rises, consumer confidence hit new lows


Rome, January 28 - Hourly wages for employees in
recession-hit Italy were on average 1.5% higher in 2012 than the
previous year, Istat said on Monday, adding that this was the
lowest average rise in salaries since 1983.
The national statistics agency added that real wages fell
by 1.5% last year, the biggest drop since 1995.
This was because the average rise in hourly wages last year
was half the rate of inflation - 3%.
This means Italians' real wages were cut because prices
rose at a rate that outstripped salary increases.
Istat added that its consumer-confidence index dropped to
84.6 points this month from 85.7 in December, taking it to the
lowest level since the index's launch in January 1996.
Monday's data come after a series of previous reports
highlighting how hard the recession is hitting Italy.
Retail sales fell for the eighth consecutive month in
November, dropping 3.1% on the same month in 2011, and
industrial output plummeted 7.6%.
Italy's unemployment level reached a record high of 11.1%
in October and stayed at the same level in November.
The Bank of Italy has forecast the jobless rate will rise
to 12%.
But there was some good news on Monday, when the powerful
Italian industrial employers' Confindustria said the country's
recession may finally be reaching an end.
A Confindustria report said that the Italian economy "is
touching the bottom of a hard recession, the second in five
"The conditions for the economy to bounce back have been
Confindustria also found that lost consumer confidence had
compressed domestic consumption of durable goods more than would
be justified by drops in real disposable income.

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