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Euro Jobless Record Seen In Legacy Of Italians Giving Up

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http://www.bloomberg.com/news/2014-01-27/euro-jobless-record-seen-in-legacy-of-italians-giving-up.html

Euro-area data this week will probably show the region ended 2013 with a record jobless rate that reveals only part of the social legacy of the debt crisis.

While economists predict unemployment in December stayed at an all-time high of 12.1 percent, with about 19 million jobless, that tally excludes legions of adults who would also work if they could. Bloomberg calculations for the third quarter show a wider total of 31.2 million people of all ages are either looking for jobs, willing to do so though unavailable, or else have given up.

Giuseppe Di Gilio, 30, is one of 4.2 million such people who don’t appear in Italy’s unemployment statistics. The most recent so-called labor underutilization rate in the third-biggest economy in the euro area was 24 percent, more than double the official jobless rate.

“I don’t want to work myself to death to survive,” said Di Gilio, who has a bachelor’s degree in electronic engineering and lives with his parents in a town near Naples. He hasn’t sent a single resume since abandoning his postgraduate studies in July because he says the jobs out there wouldn’t allow him to earn a living.

“My friends who do work still need their parents’ support and those who start working often don’t get paid,” he said.

Still what do they expect in a jobless recovery.

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