Italy’s Unemployment Rate Drops to 6.0% in October
ROME: Italy’s unemployment rate decreased to 6.0% in October, down from a slightly adjusted 6.2% in September, as reported by the national statistics office, ISTAT. This drop is accompanied by the creation of approximately 75,000 new jobs during the month.
Analysts had predicted a jobless rate of 6.1% for October, matching the original September figure.
For young people aged 15 to 24, the unemployment rate also saw a significant decline, falling to 19.8% from 21.6%. Meanwhile, the overall employment rate rose slightly to 62.7%, up from September’s 62.6%. This marks the highest level since the data series began in 2004.
ISTAT noted that employment in Italy, the third-largest economy in the euro zone, remained fairly stable from August to October compared to the previous quarter. Year-over-year, the number of individuals in employment increased by 224,000, or 0.9%.
The inactivity rate, which tracks those who aren’t working or seeking employment, held steady at 33.2%.
Despite this rise in employment, Italy continues to face challenges with sluggish economic growth and stagnant wages. The country’s gross domestic product (GDP) grew by a mere 0.1% in the third quarter, following a slight contraction in the previous three months. Additionally, the government revised its growth forecast for 2025 down to 0.5%, compared to an earlier estimate of 0.6%, after anticipating a growth rate of 0.7% for 2024.
