Work, employment growth in March: +297 thousand in one year. Unemployment rate drops to 7.8%

MILAN – Employments grow in March, driven by permanent employees and with a sharp drop in temporary ones, and the unemployment rate decreases.

According to data released by Istat, employed persons in March 2023 increased by 22 thousand units (+0.1%) compared to February and by 297 thousand units (+1.3%) compared to March 2022. This results in a employment rate stable at 60.9% on February and up 0.9 percentage points on March 2022. “The growth in employment compared to the previous month brings the employed to 23 million 349 thousand”, comments the Institute, adding that the increase compared to March 2022, is due to the growth “of permanent and self-employed employees and against a decrease in temporary employees”.

On the opposite side, that of the unemployed, the Istat tables show a return below 2 million and to the lowest level since November 2022. The unemployment rate total drops to 7.8% (-0.1 points), that of young people to 22.3% (-0.1 points). This is certified by Istat, underlining that “The stability of the number of inactive people – between 15 and 64 years old – is a synthesis of the growth among men and those aged 50 or over and the decrease among women, 15-24 year olds and 35-49 year olds. The inactivity rate remains unchanged at 33.8%”.

In March, again Istat observes, the increase in the employed compared to the previous month is associated with the decrease in the unemployed and the substantial stability of the inactive. Over the month, the increase in employment concerns men and women, employees and all age groups except that of 25-34 year olds, which instead are down. Compared to February 2023, the number of people looking for work decreased (-1.1%, equal to -22,000 units) among men, women and those aged 35 or over. The stability of the number of inactive people – between 15 and 64 years of age – is a synthesis of the growth among men and those aged 50 or over and the decrease among women, aged 15-24 and 35-49. The inactivity rate remains unchanged at 33.8%. Comparing the first quarter of 2023 with the previous one, there is an increase in the number of employed people (+0.4%, equal to +90 thousand units).

Data also arriving at European level: in March 2023, the seasonally adjusted unemployment rate in the euro area was 6.5%, down from 6.6% in February. Eurostat communicates it. In the EU, unemployment was 6% in March, stable compared to February.