The unemployment rate saw a surprisingly large decline in October to 5.8% (sa, cons 6.1) after a downward revised 6.0% (initial 6.1%).
The 5.80% preliminary reading pushes below the 5.85% from April 2007 for a new multi-decade low.
The Istat press release shows a particularly large contribution from the youth unemployment rate (-1.1pps to 17.7%) but all other main categories saw declines as well: 25-34 (-0.1pp to 8.6%), 35-49 (-0.1pp to 5.2%) and 50-64 (-0.3pps to 3.4%).
Employment increased by a solid 47k in October (all sa figures) although inactivity also increased by 28k which took some of the gloss off unemployment falling by 58k.
The inactivity rate of 33.65% is now 0.9pp higher than its cycle low of 32.8% from late 2023.
Recent unemployment rate declines, down 0.95pp since 6.75% as recently as June, stand out considering the still relatively high level of vacancy rates – see chart.
The unemployment rate saw a surprisingly large decline in October to 5.8% (sa, cons 6.1) after a downward revised 6.0% (initial 6.1%).
The 5.80% preliminary reading pushes below the 5.85% from April 2007 for a new multi-decade low.
The Istat press release shows a particularly large contribution from the youth unemployment rate (-1.1pps to 17.7%) but all other main categories saw declines as well: 25-34 (-0.1pp to 8.6%), 35-49 (-0.1pp to 5.2%) and 50-64 (-0.3pps to 3.4%).
Employment increased by a solid 47k in October (all sa figures) although inactivity also increased by 28k which took some of the gloss off unemployment falling by 58k.
The inactivity rate of 33.65% is now 0.9pp higher than its cycle low of 32.8% from late 2023.
Recent unemployment rate declines, down 0.95pp since 6.75% as recently as June, stand out considering the still relatively high level of vacancy rates – see chart.
