Regular
reports on the growing Poverty, Unemployment, Debt and Inequality of
the neo-capitalist world
Italy:
"...
instead of reporting a 0.1% increase for its Q2 GDP as widely
expected, Italy 'unexpectedly' reported a sequential contraction of
-0.2% down from a -0.1% drop in Q1, and officially the start of yet
another, its third since Lehman, recession. [...] Italy's real GDP
just dropped to the lowest level since 2000."
“With
Italian youth unemployment above 40 percent and sovereign debt of
about 2 trillion euros ($2.7 trillion), Prime Minister Matteo Renzi
is under pressure to quickly turn around the euro region’s
third-biggest economy. Lower-than-expected growth may undermine his
plans to bring the country’s deficit-to-GDP ratio to 2.6 percent
this year and start reducing Europe’s second-biggest debt.”
“Renzi
has acknowledged that annual GDP growth will probably fall well below
the Treasury’s 0.8 percent forecast, while the government’s debt
reduction plans also seem to be yielding disappointing results,
Wolfango Piccoli, managing director at Teneo Intelligence in London,
wrote in a research note this week.”
Australia:
“The
Australian Bureau of Statistics has released its Labour Force survey
for July and the result is a shocker”
“Employment
decreased 300 to 11,576,600. Full-time employment increased 14,500 to
8,077,400 and part-time employment decreased 14,800 to 3,499,200.”
“Unemployment
increased 43,700 to 789,000. The number of unemployed persons looking
for full-time work increased 21,900 to 566,400 and the number of
unemployed persons only looking for part-time work increased 21,800
to 222,600.”
“The
unemployment rate increased 0.3 pts to 6.4%. Participation rate
increased 0.1 pts to 64.8%. Aggregate monthly hours worked decreased
14.8 million hours (0.9%) to 1 ,610.7 million hours.”
“The
numbers are a huge miss across the board. Expected was:
employment
change: +13.2K
unemployment
rate: 6.0%
participation
rate: 64.7%”
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