Key facts
- Italy's unemployment rate edged down to 5.0% in May.
- A net loss of 22,000 jobs was recorded in May.
- The decline in the unemployment rate is attributed to people leaving the labor force.
- Over the March-May period, employment rose by 0.5%, adding 119,000 jobs.
- The youth unemployment rate for those aged 15-24 fell to 15.1% in May.
- Italy's overall employment rate decreased to 63.0% in May.
Italy's unemployment rate saw a slight decrease to 5.0% in May, according to data from the national statistics bureau ISTAT. This figure was below the median forecast of 5.1% from a Reuters poll of analysts. Despite the drop in the jobless rate, the country experienced a net loss of 22,000 jobs during the month, with ISTAT attributing the fall in unemployment to individuals no longer actively seeking work.
Looking at a broader period, employment in Italy increased by 0.5% between March and May compared to the December-February period, which translates to 119,000 more people employed. However, the overall employment rate, which remains one of the lowest in the Eurozone, dipped to 63.0% in May from 63.1% in April. The youth unemployment rate, covering job-seekers aged 15 to 24, also fell significantly to 15.1% in May, down from a revised 16.4% in April.