Posted By Global Banking and Finance Review
Posted on January 7, 2025
ROME (Reuters) - Italy's unemployment rate dipped to 5.7% in November, the lowest reading since the current series began in 2004, but 13,000 jobs were lost during the month, national statistics bureau ISTAT reported on Tuesday.
The jobless rate in October was 5.8% and a Reuters survey of 11 analysts had forecast a November reading of 5.9%.
In the September-to-November period, employment was up by 49,000 or 0.2%, compared with the previous three months, ISTAT said.
In November, the number of people in work was up by 328,000, or 1.4%, compared with November 2023.
In the same month, the number of so-called "inactive" people, who are neither in work nor looking for work, rose by 23,000, or 0.2%, from October, and by 323,000 (2.6%) on a yearly basis.
The youth unemployment rate, measuring job-seekers between 15 and 24 years old, rose to 19.2% in November from a revised 17.8% the month before.
Italy's overall employment rate, one of the lowest in the euro zone, was stable in November at 62.4%.
ISTAT gave the following data:
NOV OCT SEPT
JOBLESS RATE 5.7 5.8 6.0
YOUTH UNEMPLOYMENT RATE (15-24) 19.2 17.8r 18.9
EMPLOYMENT RATE (15-64) 62.4 62.4r 62.3r
r=revised
(Reporting by Antonella Cinelli, graphic by Stefano Bernabei; editing by Crispian Balmer)