Rome

Unemployment 'the mother of all social evil' says Squnizi

Confindustria 'ready to invest, employ if govt acts'

Unemployment 'the mother of all social evil' says Squnizi

Rome, May 23 - The head of Confindustria, Italy's powerful industrial confederation, called unemployment "the mother of all social evil" in a call to stimulate growth in Italy's recession-hit economy on Wednesday. "Joblessness must be countered in a balanced and structural way, adjusting costs, productivity and regulations," said Giorgio Squinzi at Confindustria's annual assembly. "Companies are ready to support government action with investments and employment". According to forecasts released earlier this month by national statistics agency Istat, unemployment will rise to 11.9% this year, up 1.2% in 2012, and climb further still in 2014 to reach 12.3%. Youth employment reached 38.4% in March, 3.2% higher than the same month in 2012, according to Istat.

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