The recovery of the labor market in Italy is slow to take shape. Indeed, despite the increase - communicated this morning by the Government - of 7% on an annual basis in permanent employment contracts, just today Istat announced that the unemployment rate reached an all-time high in October, with an jumped to 13,2% from 12,9% the previous month.
The data released by Istat show an overall deterioration with once again young people, the under 24s, paying the heaviest bill. The unemployment rate among young people aged between 15 and 24 in fact recorded a real surge to 43,3%, up by 0,6 points compared to the previous month and by 1,9 points on an annual basis.
Still among young people, the picture of the inactive also worsens, an army equal to 4 million 338 thousand, up by 0,3% in comparison with the economic situation (+11 thousand) and down by 1,2% on an annual basis (-53 thousands). The inactivity rate of young people aged between 15 and 24, equal to 72,6%, increased by 0,2 percentage points in the last month while it fell by 0,4 points over twelve months. Instead, things are better for the over 50s: the persistent decline in employed people aged 15-34 and 35-49 (-1,6% in both cases), continues to be offset by the growth of those aged 50+ (+5,5, XNUMX%).
Returning to overall employment, in October there were 22 million 374 thousand employed persons in the country, down by 0,2% compared to the previous month (-55 thousand) and substantially stable on an annual basis. Istat also notes that the substantial stability of Italian employment goes hand in hand with the growth of foreign employment (+128.000 units). The number of unemployed instead, equal to 3 million 410 thousand, increased by 2,7% compared to the previous month (+90 thousand) and by 9,2% on an annual basis (+286 thousand).
Shortly before the negative Istat bulletin, the Ministry of Labor (based on the first data on Compulsory Communications) had highlighted a positive trend in permanent employment contracts in the third quarter of 2014, equal to over 400 new contracts, with an increase trend of 7,1% compared to a year before, concentrated in the industrial and agricultural sectors; while start-ups in the service sector have decreased, except in education, which has more than 17 new permanent contracts. Overall, according to the data held by the Ministry, the start-ups of employee and para-subordinate employment relationships were 2 million and 474 thousand, with an increase of 2,4% compared to the third quarter of 2013.
However, terminations of employment relationships also increased, amounting to 2 million and 415 thousand, with a dynamic of +0,9% compared to the previous year due to an increase in the terminations of fixed-term contracts (which represent 65% of total terminations). Fixed-term employment relationships represent around 70% of new contracts, with an increase of 1,8% compared to the third quarter of 2013. This type of contract particularly satisfies the needs of agriculture for around 460 contracts, with a an increase of 2013% compared to the third quarter of 10,6.
Apprenticeship contracts also grew by 3,8%, confirming, albeit in more contained terms, the trend that had already been highlighted in the second quarter, in which they had recorded a leap of 16%. "These data, in continuity with those relating to the second quarter - states the ministry in a note - confirm that the so-called Poletti decree, converted into law 78/2014, has produced the desired result, i.e. an increase in contracts at permanent contracts and apprenticeship contracts”.
The picture is confirmed by the data for the third quarter of 2014 provided by Istat. The number of employed people is growing again (+0,5%, equal to 122.000 units in one year), due to a new increase in the North (+0,4%, equal to 47.000 units) and in the Center (+2,1 %, equal to 98.000 employed) and to the slowing down of the fall in the South (-0,4%, equal to -23.000 units). The growth concerns both gender components, especially women (+0,9%, equal to 87.000 units).
