In the third quarter, according to Istat data, labor input, measured by hours worked, increased by 0.2% compared to the previous quarter and by 1.5% compared to the third quarter of 2023. In the same period, GDP increased remained stationary in economic terms and grew by 0.4% in trend terms. Employees increased by 117 thousand units (+0.5%) compared to the second quarter of 2024, following the growth of permanent employees (+111 thousand, +0.7%) and independent workers (+43 thousand, +0 .8%) which more than compensated for the decrease in fixed-term employees (-37 thousand, -1.3% in three months). The number of unemployed is decreasing (-149 thousand, -8.7% in three months) and the number of inactive people aged 15-64 is increasing (+88 thousand, +0.7%). The dynamics for rates is similar: the employment rate reaches 62.4% (+0.2 points), the unemployment rate drops to 6.1% (-0.6 points) and the inactivity rate for 15-64 year olds rises at 33.4% (+0.2 points).
In the provisional data for the month of October, compared to the previous month, the increase in employed people continues (+47 thousand, +0.2%) and in the related rate (+0.1 points) which is associated with the decrease in the unemployment rate (-0.2 points) and the growth in the unemployment rate inactivity 15-64 years (+0.1 points). Employment also grows in trend terms (+517 thousand, +2.2% compared to the third quarter of 2023), also in this case involving permanent employees (+3.6%) and self-employed workers (+2.6 %) compared to the decrease in fixed-term employees (-5.9%); the decline in the number of unemployed continues (-418 thousand in one year, -22.7%), while the number of inactive people between 15 and 64 years old begins to grow again (+100 thousand, +0.8%). This dynamic is reflected in the growth of the employment rate (+1.0 points in one year) and the inactivity rate (+0.1 points) and in the decrease in the unemployment rate (-1.7 points).
On the business side, the cyclical growth in employee positions is also observed in this quarter, with an increase of 0.5% in the total and 0.4% in the full-time and part-time components. Compared to the same quarter of the previous year, the increase stood at 2.2% in the total and in the part-time component, the growth of the full-time component was slightly lower (+2.1%). The hours worked per employee decrease both in economic terms (-0.9%) and trend (-1.0%) and the use of redundancy payments rises to 8 hours for every thousand hours worked. The vacancy rate remains unchanged, at 2%, in the economic comparison and decreases by 0.2 percentage points in the trend comparison. The increase in labor costs per full-time equivalent work unit (AWU) on a cyclical basis, equal to 1%, is of the same magnitude for its components. On an annual basis, as a result of the improvements established in the contractual renewals, the growth in labor costs is more marked, standing at 4.6%; the increase concerns both the salary component (+4.3%) – which records, for the second consecutive quarter, the maximum intensity of growth in the historical series since 2010 (excluding the exceptional period of health emergency) – and, to a greater extent significant, social contributions (+5.1%).
Meloni, very encouraging Istat data on work
«The Istat data released today and relating to the third quarter of 2024 confirm the good performance of the labor market. The employment rate continues to grow, rising to 62.4%, and the reduction in the unemployment rate continues, which stands at 6.1%, with a decrease of 0.6% compared to the previous quarter. These data represent a very encouraging sign. Supporting businesses that create employment and wealth is the path we have taken and will continue to take, because it is the right one to get Italy running and competitive again.” Prime Minister Giorgia Meloni stated this in a note.