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Highest unemployment rate since 2004

Italy’s youth unemployment rate in November 2010 rose to the highest it has ever been since January 2004 when figures where first recorded.

The unemployment rate amongst young people between the ages of 15-24 years old rose to 28.9% and experts say things are expected to get worse for 2011.

The effects of the recession are not only affecting young people; a recent report has suggested. Experts are predicting that unemployment rates could increase by 20% in 2011 as more companies are feeling the strain of the recession. It is estimated that around 400,000 people are at risk of losing there jobs in 2011 and joining the current 2 million Italians currently on the dole.

Employees in the construction and engineering sector are the most concerned at loosing their jobs, claiming that this key area of the Italian economy has felt the biggest strain throughout the recession. The tourism sector, however, remains at a steady pace, experts say. Thanks to cheaper European transport costs in and out of the country, a steady flow of tourism has been able to come and go within Italy, keeping the industry strong throughout the recession.

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