Italy's employment soars, unemployment dips in April 2023: Istat

The data showed an uptick in employment rates by 0.2 per cent month-on-month (MoM), translating into 48,000 more people joining the workforce. This growth largely involved women, the youth, and people aged 50 and over. Unfortunately, the numbers registered a decline for men and middle-aged individuals. The overall employment rate in Italy increased to 61 per cent.

In contrast, the unemployment rate recorded a decrease of 0.7 per cent, or 14,000 fewer unemployed individuals. This reduction was primarily seen among women and people in the 15-24 and 35-49 age groups. Consequently, the national unemployment rate fell to 7.8 per cent, showing a decrease of 0.1 percentage points. A more significant decrease was seen in the youth unemployment rate, which fell by 1.4 percentage points to 20.4 per cent, as per Istat.

Meanwhile, the number of inactive individuals—those aged between 15 and 64, who are neither employed nor actively looking for work—also reduced in April 2023. The decrease was driven by a rise in activity among men and people aged 15-49 years and a concurrent decrease among women and those aged 50 and over. This led to the inactivity rate falling to 33.6 per cent, a drop of 0.1 percentage points.

Comparing the February-April 2023 period to the previous quarter (November 2022-January 2023), the data reveals a 0.5-per cent increase in employment, representing 123,000 more employed persons. Although there was a slight rise in the number of unemployed persons (+0.2 per cent, +4,000), the number of inactive people aged 15-64 years saw a considerable drop (-0.9 per cent, -117,000).

On a year-on-year (YoY0 basis, there was an impressive 1.7 per cent increase in the number of employed persons compared to April 2022. This is equivalent to 390,000 more individuals gaining employment. This growth was reflected across both genders and all age groups, with the exception of the 35-49 years age group. This resulted in a 1 percentage point increase in the employment rate.

Over the past year, this rise in employment was accompanied by a notable decrease in both unemployed and inactive individuals. There were 72,000 fewer unemployed persons, a drop of 3.5 per cent. The number of inactive individuals aged 15-64 fell by 3 per cent, representing 383,000 fewer inactive people.

ALCHEMPro News Desk (DP)