Italy Anticipates Increase of 352,000 Jobs in 2024
Istat reports trends in employment, unemployment, and labor costs ahead of 2024.
Istat, Italy's national statistics institute, forecasts an increase of approximately 352,000 jobs in 2024. This anticipated growth is characterized by a slowdown in the year-on-year increase of total occupied positions, registering an increase of 170,000 jobs, or 0.7%, compared to the fourth quarter of 2024. This trend is notably influenced by growth in permanent positions, which rose by 3.1%, contrasting with declines in temporary jobs, which fell by 10.0%, and self-employed individuals, down by 0.4%.
Furthermore, the unemployment rate has seen a decline, with a decrease of 397,000 individuals, representing a 20.5% drop over the past year.
Concurrently, there has been an increase of 387,000 individuals classified as inactive within the age range of 15 to 64 years, reflecting a rise of 3.2%.
These changes have contributed to a modest increase in the employment rate, which rose by 0.2 percentage points year-on-year, while the unemployment rate decreased by 1.5 percentage points, and the inactivity rate increased by 0.9 percentage points.
As for labor costs, Istat reported a 0.2% increase in the cost of labor per Full-Time Equivalent (FTE) unit on a quarter-on-quarter basis, driven equally by a 0.2% rise in wages and a more modest 0.1% increase in social contributions.
Year-on-year, despite a deceleration from previous quarters' rapid growth rates, labor costs have increased by 3.2%.
This rise is attributed to a 3.1% increase in wages and a 3.5% increase in contributions, significantly influenced by recent contract renewals.
Furthermore, the unemployment rate has seen a decline, with a decrease of 397,000 individuals, representing a 20.5% drop over the past year.
Concurrently, there has been an increase of 387,000 individuals classified as inactive within the age range of 15 to 64 years, reflecting a rise of 3.2%.
These changes have contributed to a modest increase in the employment rate, which rose by 0.2 percentage points year-on-year, while the unemployment rate decreased by 1.5 percentage points, and the inactivity rate increased by 0.9 percentage points.
As for labor costs, Istat reported a 0.2% increase in the cost of labor per Full-Time Equivalent (FTE) unit on a quarter-on-quarter basis, driven equally by a 0.2% rise in wages and a more modest 0.1% increase in social contributions.
Year-on-year, despite a deceleration from previous quarters' rapid growth rates, labor costs have increased by 3.2%.
This rise is attributed to a 3.1% increase in wages and a 3.5% increase in contributions, significantly influenced by recent contract renewals.
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