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12.09.2024

Unemployment rate in Italy fell sharply in the second quarter

Data published by the Italian National Institute of Statistics (Istat) showed that in the second quarter the unemployment rate fell by 0.3% to 6.8% (the lowest value since the third quarter of 2008). Economists expected a decrease in unemployment to 7.1%. The number of unemployed fell by 84 thousand or 4.6% q/q, and the number of inactive people aged 15-64 increased by 32 thousand or 0.3% q/q. Meanwhile, the number of employed people increased by 124 thousand (+0.5% compared to the first quarter), which was due to an increase in the number of permanent workers (+141 thousand, +0.9%) and self-employed (+38 thousand, +0.7%). However, the number of temporary workers fell by 55 thousand or by 1.9% q/q. Overall, the employment rate increased by 0.2% q/q, to 62.2%.

Istat also stated that in July, the number of employed increased by 56 thousand or 0.2% compared to June, and the employment rate increased by 0.1%, which was due to a decrease in the unemployment rate (-0.4%) and the growth of the inactivity rate aged 15-64 (+0.2%).

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