Italian unemployment still 12.5pc as youth unemployment hits record high

Italian unemployment has steadied at 12.5 per cent in October, in line with expectations. Istat, the country's statistics office, estimates that 22.4m people were employed in October 2013, with the employment rate at 55.5 per cent. The inactivity rate was 36.4 per cent.

In the third quarter, the number of people employed was down 2.3 per cent from a year previously, at 22.4m. The employment rate decreased to 55.6 per cent.

Italy's young people have been hit hard by the its stubborn level of unemployment, with 41.2 per cent of 15-24 year olds out of work in October - that's its highest ever level, and up seven percentage points from September.