Italy New Car Sales Down 18 pct in April image

New car sales in Italy fell by 17.9 percent in April to 129,663 new vehicles according to data released by the Ministero delle Infrastrutture e dei Transporti .

Fiat’s market share rose to 31.4 percent in April, up from 26 percent in March 2012.
During the first three months of this year, new car sales fell 20.9 percent from the same quarter a year ago.

In addition to low car sales, Reuters reports that employers will shed 130,000 jobs this year in Italy and the economy will shrink 1.5 percent

Italy’s unemployment rate rose more than economists forecast in March to the highest since 2000 as companies failed to hire amid signs of a deepening recession in the euro region’s third-largest economy.
The rate of unemployment among young people aged between 15 and 24 also rose to 35.9 per cent from 33.9 per cent in February, the data agency Istat said.

Prime Minister Mario Monti’s government has proposed an overhaul of the labour market saying it will help young people find jobs but the plan has been criticised by trade unions which warn it will increase unemployment.

Compared with the eurozone average, Italy’s unemployment rate is comparatively in better shape. The unemployment rate among the 17 countries that use the euro currency rose to 10.9 percent in March from 10.8 percent in February, marking the highest level in 15 years.