A view of an empty street on the second day of an unprecedented lockdown across all of the country, imposed to slow the outbreak of coronavirus, in Milan, Italy, on March 11, 2020.

In Italy, the level of employment has plummeted by almost 500,000 units since February due to the COVID-19 pandemic. The country is facing its deepest recession since World War Two.

The national bureau of statistics ISTAT announced the Covid-19 pandemic has led Italy to the loss of 500,000 jobs since the start of the pandemic in February. ISTAT data has revealed that the number of job seekers and inactive people has grown by about 50,000 and 400,000 respectively over the past five months.

Despite widespread business closures during the lockdown, unemployment figures decreased in the country as workers stopped looking for jobs, resulting in an increase in the number of ’inactive’ people, those who aren’t working or looking for a job.

Earlier this week Italy posted a record economic contraction after household spending and investment crashed during the lockdown.

Italy is set to suffer its worst recession since World War II this year, with analysts estimating Gross Domestic Product to plummet up to 14 percent. Overall the country will lose 16 billion euros in consumer spending in 2020, translating in an average loss of around 2,000 euros a head.

The statistical agency ISTAT has also warned that the youth unemployment rate has risen above 30 percent for the first time in over a year. Many fear the country will have to face a hot autumn of strikes and protests.

SOURCE: PRESS TV