Labour: unemployment rate drops to 6.8 % in Q2

In the second quarter of 2024, the unemployment rate in Italy fell by 0.3 points to 6.8%. This was announced by Istat. The employed people increased in cyclical terms by 124 thousand (+0.5% compared to the first quarter of 2024), as a result of the growth in permanent employees (+141 thousand, +0.9%) and the self-employed (+38 thousand, +0.7%), which more than offset the decrease in fixed-term employees (-55 thousand, -1.9%). The number of unemployed people dropped (-84 thousand, -4.6% in three months) but the number of inactive people aged 15-64 increased (+32 thousand, +0.3%).

The employment rate rose by 0.2 points to 62.2 per cent and the inactivity rate remained stable at 33.1 per cent.

Employment also grew on an annual basis (+329 thousand, +1.4%), with stable employees (+3.3%) and the self-employed (+0.6%) against the decline in fixed-term employees (-6.7%). The drop in the unemployed continued (-194 thousand in one year, -10.2%) and, at a slower pace than in the previous quarter, that of the inactive aged between 15 and 64 (-32 thousand, -0.3%).

The labour cost per full-time equivalent unit (FTEU) recorded a consistent increase on a cyclical basis, amounting to 1.9%, as a result of the growth in both wages (+1.7%) and, to a slightly greater extent, social contributions (+2.4). The increase in labour costs was also recorded in trend terms, amounting to 4.5%, again due to the significant growth of both the wage component (+4.7%) and social contributions (+4.4%). The particularly strong growth in wages and salaries in the quarter is mainly linked to the economic disbursements foreseen in the contractual renewals.