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Fall In Unemployment Rate Underscores Strengthening Labour Market

ITALY DATA
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The Italian April unemployment rate surprisingly fell to 6.9% (vs 7.3% cons). March’s figure was also revised a tenth lower to 7.1%. This reflected a small increase in labour force participation and a decrease in unemployment. The 3MMA of the unemployment rate also fell to 7.1% (vs 7.2% prior).

  • Employment also strengthened in April, rising 0.59% on a 3m/3m SA basis. The prime age employment rate was 62.3%, its highest level since at least 2004 (when the data series from ISTAT begins).
  • Although the EC’s expected employment indicator has drifted away from 2022 levels in recent months, it remains above the long-run average of 100. The most recent May data saw a 2.3-point rise to 107.7, the highest since September 2023.
  • Meanwhile, the EC’s Italian labour hoarding indicator fell again in May to 6.1 (vs 7.1 prior and a cycle high of 9.0 in November 2023).

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The Italian April unemployment rate surprisingly fell to 6.9% (vs 7.3% cons). March’s figure was also revised a tenth lower to 7.1%. This reflected a small increase in labour force participation and a decrease in unemployment. The 3MMA of the unemployment rate also fell to 7.1% (vs 7.2% prior).

  • Employment also strengthened in April, rising 0.59% on a 3m/3m SA basis. The prime age employment rate was 62.3%, its highest level since at least 2004 (when the data series from ISTAT begins).
  • Although the EC’s expected employment indicator has drifted away from 2022 levels in recent months, it remains above the long-run average of 100. The most recent May data saw a 2.3-point rise to 107.7, the highest since September 2023.
  • Meanwhile, the EC’s Italian labour hoarding indicator fell again in May to 6.1 (vs 7.1 prior and a cycle high of 9.0 in November 2023).