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Italy Labor Market Employment & Unemployment in July 2024

In July 2024, Italy experienced notable shifts in its labor market, with increases in both employed and inactive populations, while the number of unemployed individuals decreased.

The employment landscape saw a modest rise, with the number of employed persons increasing by 0.2% (+56,000) compared to the previous month. This growth was across all age groups and genders, with the exception of the 25-34 age bracket, which saw a decline in employment. Consequently, the overall employment rate edged up to 62.3%, reflecting a 0.1 percentage point increase.

Italy Labor Market Employment & Unemployment in July 2024

In contrast, the unemployment figures presented a positive trend. The number of unemployed persons fell by 6.1% (-107,000) across all demographics, leading to a reduction in the unemployment rate to 6.5%, down by 0.4 percentage points. Additionally, the youth unemployment rate decreased to 20.8%, a drop of 0.6 percentage points.

The inactivity rate for individuals aged 15-64 also saw an uptick of 0.6% (+73,000). This increase was driven by higher inactivity among men, women, and those aged 25-49. Conversely, inactivity declined among individuals aged 15-24 and those 50 and older. As a result, the inactivity rate climbed to 33.3%, up by 0.2 percentage points.

Comparing the period from May to July 2024 with the previous quarter (February to April 2024), employment rose by 0.3% (+83,000). Quarterly data also revealed a decrease in the number of unemployed persons by 4.5% (-82,000) and an increase in the number of inactive individuals aged 15-64 by 0.5% (+64,000).

Year-on-year, July 2024 saw a 2.1% increase in employed persons (+490,000), affecting both genders and all age groups except 15-24 year-olds. The employment rate rose by 1.0 percentage points. Over the same period, unemployment dropped significantly by 16.7% (-334,000), while inactivity among those aged 15-64 grew slightly by 0.2% (+21,000).

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