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Unemployment Below Consensus In March

ITALY DATA
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Italian March unemployment printed below consensus at 7.2% (vs 7.5% cons, a downwardly revised 7.4% prior), while employment growth remained positive on a 3m/3m basis. Overall, the data appears consistent with a labour market that remains solid, though is showing some signs of softening in employment metrics.

  • The 3mma of the unemployment rate ticked a touch lower to 7.32% (vs 7.34% prior), while 3m/3m employment growth was 0.23% in March (vs 0.28% prior).
  • All age categories saw a fall in unemployment rates in March, most notably 15-24 year olds (5.2% vs 5.7% prior) and 25-34 year olds (7.3% vs 7.6% prior).
  • The prime-age employment rate ticked up a touch to 62.1% (vs 61.9% prior), while the inactivity rate remained constant at 33.0%.
  • The slowing of employment growth has tracked moderate declines in the EC’s expected employment indicator. However, the indicator remains in expansionary territory, last printing at 105.4 in April (vs 106.4 in March).
  • Additionally, the EC’s labour hoarding indicator rose in April, which may be helping keep the unemployment rate at such low levels.

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Italian March unemployment printed below consensus at 7.2% (vs 7.5% cons, a downwardly revised 7.4% prior), while employment growth remained positive on a 3m/3m basis. Overall, the data appears consistent with a labour market that remains solid, though is showing some signs of softening in employment metrics.

  • The 3mma of the unemployment rate ticked a touch lower to 7.32% (vs 7.34% prior), while 3m/3m employment growth was 0.23% in March (vs 0.28% prior).
  • All age categories saw a fall in unemployment rates in March, most notably 15-24 year olds (5.2% vs 5.7% prior) and 25-34 year olds (7.3% vs 7.6% prior).
  • The prime-age employment rate ticked up a touch to 62.1% (vs 61.9% prior), while the inactivity rate remained constant at 33.0%.
  • The slowing of employment growth has tracked moderate declines in the EC’s expected employment indicator. However, the indicator remains in expansionary territory, last printing at 105.4 in April (vs 106.4 in March).
  • Additionally, the EC’s labour hoarding indicator rose in April, which may be helping keep the unemployment rate at such low levels.