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ITALY DATA: Unemployment Rate Ticks Higher, But Still Close To Multi-year Lows

ITALY DATA
CEEMEAEurozoneData BulletItalyBulletMarketsFixed Income BulletsForeign Exchange Bullets

The Italian unemployment rate rose to 6.2% in December, from a two tenth upwardly revised 5.9% prior and consensus of 5.7%. The uptick was largely due to an increase in the labour force, with total employed persons little changed relative to November.

  • Italy’s unemployment rate remains close to multi-year lows, which combined with growing real wages should support household consumption in 2025.
  • The Q4 flash GDP press release flagged a negative contribution from domestic demand, but no additional details on the breakdown between consumption, investment and government spending.
  • 3m/3m employment growth was 0.1% (vs 0.2% prior), the lowest sequential growth rate since October 2022.
  • With early signs that employment (and by extension, hours worked) growth is running out of steam, additional GDP growth will need to be fuelled increasingly by stronger productivity metrics. That’s a worrying prospect, with Italian productivity growth firmly below the pre-covid trend. 

 

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The Italian unemployment rate rose to 6.2% in December, from a two tenth upwardly revised 5.9% prior and consensus of 5.7%. The uptick was largely due to an increase in the labour force, with total employed persons little changed relative to November.

  • Italy’s unemployment rate remains close to multi-year lows, which combined with growing real wages should support household consumption in 2025.
  • The Q4 flash GDP press release flagged a negative contribution from domestic demand, but no additional details on the breakdown between consumption, investment and government spending.
  • 3m/3m employment growth was 0.1% (vs 0.2% prior), the lowest sequential growth rate since October 2022.
  • With early signs that employment (and by extension, hours worked) growth is running out of steam, additional GDP growth will need to be fuelled increasingly by stronger productivity metrics. That’s a worrying prospect, with Italian productivity growth firmly below the pre-covid trend. 

 

italy_labour market