In fact, in the fourth quarter of 2012, the consumption plunged to a decade-low level and is likely to decline further through 2013 as consumer confidence was reported near its historic low in April. Additionally, in March, the jobless rate was reported at 11.5 percent, only 0.2pp below its all-time high and youth unemployment soared to 36.3 percent. The business sector outlook is not brighter. In March, industrial production decreased 5.3 percent and is now 25 percent lower than at its peak five years ago. Furthermore, business confidence remains very low indicating there is still no industry rebound on the horizon. To make things worse, the political environment is very unstable. In April, following a 2-month deadlock in which parties failed to form a government, the President appointed Enrico Letta as Prime Minister and put together a three-party coalition to lead the country.