Employment Trends in Italy – August 2023

In the latest press release from Italy’s National Institute of Statistics, the employment landscape for August 2023 shows promising signs of recovery. Here are the key highlights:

1. Overall Employment Increase:

  • The number of employed individuals has seen a notable uptick, with a 0.3% increase, equivalent to 59,000 more jobs.
  • This rise is observed across genders, age groups, and employment types, encompassing both employees and self-employed individuals.

2. Age-Group Specifics:

  • The surge in employment particularly affects individuals aged 25-34 and those over 50 years old.
  • The employment rate has risen to 61.5%, marking a 0.1 percentage point increase.

3. Decline in Unemployment:

  • The count of individuals seeking employment has decreased by 3.2%, a substantial drop of 62,000 people.
  • The total unemployment rate now stands at 7.3%, with youth unemployment at 22.0%.

4. Stability in Inactivity:

  • Inactive individuals aged 15-64 remain relatively stable, with a slight increase among men and those below 50, counterbalanced by a decrease among women and those over 50.
  • The inactivity rate remains unchanged at 33.5%.

5. Quarterly and Yearly Trends:

  • Comparing June-August 2023 with the previous quarter, there’s a 0.5% increase in employment, totaling 129,000 new jobs.
  • This growth correlates with a decrease in the number of job seekers (-4.2%) and inactive individuals (-0.5%).

6. Annual Employment Growth:

  • In a year-on-year analysis, August 2023 sees a 2.3% increase in employment compared to August 2022, translating to 523,000 more jobs.
  • The rise spans across genders and age groups, except for individuals aged 35-49 due to demographic shifts.

7. Commentary:

  • Following a dip in July, August 2023 marks a rebound in employment, especially among fixed-term employees.
  • The total number of employed individuals is now 23.59 million, showing an annual increase of 550,000 permanent employees and 48,000 self-employed, despite a decrease of 74,000 temporary employees.

These positive trends signify a robust recovery in Italy’s job market, indicating resilience and adaptability in the face of economic challenges.