Italy: The unemployment rate drops to 6.2%. But the inactive are increasing

In August the unemployment rate fell to 6.2% (-0.2 points) while the youth rate stood at 18.3% (-1.7 points). Istat finds it.

The number of people looking for work drops (-2.8%, equal to -46 thousand units) for both gender components and in all age groups, once again with the exception of 35-49 year olds. Furthermore, the number of inactive people is growing (+0.4%, equal to +44 thousand units) among men, women, 15-34 year olds and those over fifty. The inactivity rate rose to 33.4% (+0.1 points).

Compared to August 2023, the number of people looking for work decreases (-18.3%, equal to -355 thousand units) while the number of inactive people between 15 and 64 years old grows (+0.9%, equal to +106 thousand ).

In August, compared to the previous month, the employed and inactive increased, compared to the decrease in the unemployed, ISTAT further noted, explaining that employment increased (+0.2%, equal to +45 thousand units) for men, employees and in all age groups, with the exception of 35-49 year olds among whom it decreases, as well as among women and the self-employed. The employment rate is stable at 62.3%.

The number of employed in August exceeds that of August 2023 by 2.1% (+494 thousand units). The increase involves men, women and all age groups. The employment rate in one year rises by 0.8 percentage points.

The comparison of the June-August 2024 quarter with the previous one (March-May 2024) shows an increase in the number of employed people of 0.5% (equal to +114 thousand units). The growth in employment, observed in the quarterly comparison, is associated with the decrease in people looking for work (-5.6%, equal to -97 thousand units) and the increase in the inactive (+0.6%, equal to + 68 thousand units).

“In August 2024 – observes Istat in the comment – the number of employed people is growing compared to the previous month (+45 thousand units) and reaches 24 million 80 thousand; the increase involves employees, both permanent – who reach 16 106 thousand – both temporary, equal to 2 811 thousand; the self-employed decrease to 5 163 thousand. The number of employed exceeds that of August 2023 by 494 thousand units: +516 thousand permanent employees, +123 thousand self-employed and -144 thousand employees. on a monthly basis, the employment rate is stable, the inactivity rate increases, reaching 33.4%, while the unemployment rate drops to 6.2%”.