Italy Q2 Jobless Rate Rises Less Than Expected

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Italy's seasonally adjusted jobless rate stood at 7.4% in the second quarter, up from 7.3% in the previous quarter, the statistical office Istat said on Tuesday.

The Jobless rate, which was reportedly the highest level since 2005. Economists' expected the rate of 7.7%.

On an unadjusted basis, the jobless rate stood at 7.4%, the agency said.

Italy's consumer price index or CPI including tobacco rose 0.1% year-on-year in August, and it was up 0.3% compared to the preceding month.

The pace of the Italian economic contraction eased notably in the second quarter. The Gross domestic product or GDP fell 0.5% in the second quarter following a 2.7% drop in the first three months of the year. The economy has been contracting since the second quarter of 2008.

Italy's seasonally adjusted jobless rate stood at 7.4% in the second quarter, up from 7.3% in the previous quarter, the statistical office Istat said on Tuesday. (Market News Provided by RTTNews)