Data from the National Institute of Statistics (ISTAT) showed that in April the unemployment rate fell to 6.9% (the lowest value since December 2008) from 7.2% in March. Economists had expected the unemployment rate to remain unchanged. Meanwhile, the number of unemployed persons fell by 55 thousand or 3.0% compared to March, to 1.765 million,
ISTAT also stated that the number of employed people increased by 84 thousand or 0.4% m/m. Employment growth affected both men and women and all age groups, with the exception of those aged 25 to 34, for whom employment fell. Overall, the employment rate rose to 62.3% (+0.1 p.p.).
Over the past three months (through April), the number of employed people increased by 136 thousand or 0.6% compared to the previous three-month period (November 2023-January 2024). Meanwhile, the number of unemployed fell by 44 thousand or 2.3% compared to November 2023-January 2024.
The data also showed that in annual terms, the number of employed increased by 516 thousand or 2.2% in April, while the employment rate rose by 1.1%. The rise of employed people was accompanied by a fall of both unemployed people (-11.8%, -236 thousand) and inactive persons aged 15-64 (-1.3%, -166 thousand).