Home News Istat: unemployment rate in October at 9.4%, for young people it drops to 28.2%

Istat: unemployment rate in October at 9.4%, for young people it drops to 28.2%

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In October the unemployment rate rose to 9.4% (+0.2 points compared to September). This was announced by Istat. The youth unemployment rate, on the other hand, dropped by 1.4 points to 28.2 percent.

The growth in the number of job seekers (+ 2.2%, equal to + 51 thousand units compared to September), observed for both men and women, notes Istat, involves those over the age of 24. «The decrease in the number of inactive people between 15 and 64 years, recorded in October compared to the previous month (-0.6%, equal to -79 thousand units), is generalized both by sex and by age group. The inactivity rate drops to 35.2% (-0.2 points) ».

200,000 fewer employees than pre-pandemic levels

Compared to the pre-pandemic levels (February 2020), the number of employees is almost 200 thousand lower. This was reported by the Statistics Institute commenting on the October employment data. Also compared to February last year, “the employment rate, equal to 58.6%, is 0.1 points lower, the unemployment rate fell from 9.7% to 9.4%, while the of inactivity, now at 35.2%, is 0.4 points higher ».

Employment rate rises to 58.6% in October

So in October, compared to the previous month, both the employed and the unemployed grew while the inactive decreased. The increase in employment (+ 0.2%, equal to + 35 thousand units), which concerned only men, involves employees, people aged 15-24 and over 50. The employment rate rises to 58.6% (+0.1 points).

In particular, in October, according to Istat, the growth in employment observed in September continues, with an increase in two months of over 140 thousand employed; compared to January 2021, the increase exceeds 600 thousand employed and is due exclusively to the resumption of employment. The employment rate is 1.8 percentage points higher.
Furthermore, the Institute notes that «comparing the quarter August-October 2021 with the previous one (May-July), we observe a 0.2% higher level of employment, with an increase of 42 thousand units. The growth in employment recorded in the quarterly comparison is associated with the decrease in people seeking employment (-2.1%, equal to -49 thousand units) and inactive people (-0.2%, equal to -33 thousand units). Following the recovery in employment, observed between February and June and starting from September 2021, the number of employees is 1.7% higher than that of October 2020 (+ 390 thousand units); still negative variations are recorded for the self-employed and for workers between the ages of 35 and 49, but in the latter case only due to the demographic component. In fact, the employment rate – up by 1.2 percentage points – rises for all age groups. Compared to October 2020, both the number of job seekers decreased (-5.6%, equal to -139 thousand units), and the amount of inactive persons aged between 15 and 64 (-3.1%, equal to -425 thousand), the latter value which had increased exceptionally at the beginning of the health emergency “.

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