Premier Giorgia Melono on Thursday hailed Italy’s unemployment rate falling to its lowest rate since records began in 2004 at 5.7% in November.

“The latest ISTAT data confirm an important signal: unemployment has fallen to the lowest levels ever recorded since records began, and employment continues to grow on an annual basis,” she said on social media.

“These results speak to the daily work of businesses, workers, and professionals, and to the shared effort to make the Italian production system more solid and competitive, even in a complex environment.

“The government will continue to do its part to support those who create jobs, invest, and produce value, strengthening employment policies and looking to the future with determination.

“Moving forward on this path.” Deputy Minister of Labour and Social Policies, Maria Teresa Bellucci, also welcomed the unemployment fall as well as a recent constant drop in the spread between Italian and German 10-year bond yields, a mark of market confidence in Italian debt.

“More good news from the labor market, certified by ISTAT, according to which in November the unemployment rate fell to 5.7% (-0.1 points)—the lowest since the beginning of the historical series in 2004—and the youth unemployment rate fell to 18.8% (-0.8 points),” said Bellucci.

“These decidedly positive data confirm the policies implemented by the Meloni government through support for businesses, incentives for stable employment, active policies for young people, and innovative tools for job inclusion.

“Added to this, today’s further decline in the spread—down to 66 basis points—reinforces confidence in our nation’s growth in terms of the stability and solidity of the Italian economy.”