The decrease in employment is primarily the result of growth of inactive workers: in the last month, Istat detects occupied 30 thousand less. The Eurozone rate now is at 9.8%, back to the levels of 2009.
More looking for work
In October, unemployment was down 11.6%, but because most Italians in that job have stopped looking for jobs. If the overall rate of unemployment in fact comes down one-tenth, the decline is a result of growth from the inactive, citizens who declare themselves unavailable for work, increased by 82 thousand units (+ 0.6%). A detachment from the labor market that "balances" the decrease in employment, 30 thousand less than in September (-0.1%), brings down the overall figure of unemployment.
Positive note
On an annual basis in fact, the number of Italians at work continues to be positive, at 22.7 million, 174,000 more than in October 2015 (+ 0.8%). Since July, the italian economy is no longer able to create new employment, with the employment rate back to 57.2%, the same level of April.
Eurozone unemployment fell to 9.8%
The confirmation that with the end of the incentives on new hires, companies have stopped hiring. Down slightly from October are also unemployed, 2.98 million, decreased by 37 thousand units compared to September (-1.2%), although an increase of 38,000 units annually. The inactivity rate rose to 35.1%, an increase of two-tenths. Not a good sign, especially when compared with the rest of Europe where the dynamics of work continue to be positive: in October, the eurozone unemployment fell to 9.8% (from 9.9% in September and by 10, 6% of October 2015) and that of the entire Union to 8.3% (against 8.4% in September and 9.1% in October 2015.
In both cases, it is the lowest numbers since 2009.
The sharp decline
The sharp decline in youth unemployment in Italy, four tenths less than in September and the lowest since 2012, can be read the same way. In the range between 15 and 24 years, in fact go down the men out of work (14,000 units, down 2.5%), but also those in jobs (7,000 units, down 0.7%).
The most significant change that remains are the inactive, more 20 thousand (0.5%), with the overall rate of inactivity that has reached 73.9%. While the next higher range, between 25 and 34 years old, is the only one that even in the year on year comparison shows the employment rate decreased by 0.6%.
