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.