Home » Jobs, employment down in July and August: unemployment remains at 9.3%. Inflation rises to its highest level since 2012

Jobs, employment down in July and August: unemployment remains at 9.3%. Inflation rises to its highest level since 2012

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The recovery of the labor market is slowing down. For the second consecutive month, in August, the number of employees fell by 80 thousand units. Of course, compared to January 2021, the balance remains positive by over 430 thousand units, but the summer trend is enough to sound the first alarm bell. Especially if combined with the rush of industrial production prices, which have increased by 11% compared to last year. In short, there is concern that the conjunction of the price rush with the shortage of raw materials could throttle the economic recovery.

And so, Istat found that in August the unemployment rate remained stable at 9.3% in July, but down by 0.7 points on August 2020. Young people between 15 and 24 who do not work are 27.3%, down 4.9 points on August 2020. The unemployed remained essentially stable at 2.3 million.

On the employment front, the overall increase was mainly due to fixed-term employees with 235,000 more relationships (+293,000 total employees) while independent employees decreased by 131,000 units. In August, the inactivity rate between the ages of 15 and 64 rises to 35.8% (+0.2 points), while inactive people are 64,000 more than July and 230,000 less than August 2020.

Meanwhile, in September inflation registers a decline of 0.1% on a monthly basis and an increase of 2.6% on an annual basis (from + 2% in the previous month) to the highest levels since October 2012. “Also the prices of the shopping cart of expenditure – observes Istat – accelerate again, registering an increase which however remains less than half of that referred to the entire basket ». The inflation acquired for 2021 is equal to + 1.7% for the general index and + 0.8% for the core component.

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