Labour market

The labour input, as measured by hours worked, increased by 1.4% compared to the previous quarter and by -4.1% compared to the third quarter of 2020; GDP grows by 2.6% quarter-on-quarter and by 3.9% year-on-year.

On the job supply side, the number of employed increased by 121 thousand units (+0.5%) compared to the previous quarter, due to the rise in the number of employees (156 thousand, +0.9%), both permanent and temporary, opposed to the decline in the number of self-employed (-35 thousand, -0.7% in three months). At the same time declines both the number of unemployed (-134 thousand, -5.4%) and the number of inactive aged 15-64 years (-41 thousand, -0.3%). The monthly seasonally adjusted provisional data referred to October 2021 confirm the rising trend in employment (+35 thousands, +0.2% by the previous month) associated with the rise of the unemployed people (+51 thousands, +2,2%) and the decline of the inactive aged 15-64 (-79 thousand, -0.6%).

In a year-over-year perspective the surge in employment (+505 thousand, 2.2% compared to the third quarter of 2020) involves permanent employees (+228 thousand, +1,5%) and mainly temporary employees (+357 thousands, +13.1%); for the tenth consecutive quarter the number of self-employed decreases (-80 thousand, -1.6%). The increase in the employment involves both full time and part time employed (respectively +1.9% and +3,7%). The number of unemployed declines (-308 thousand in one year, -12,0%), accompanied by a reduction in the number of inactive people aged 15-64 years (-453 thousand, -3.3% in one year).

The employment rate among people aged 15-64 years goes up to 58.4%, increasing compared to the previous quarter (+0,4 percentage points) which is associated with the fall in the unemployed rate and in the inactive rate 15-64 years; monthly seasonally adjusted provisional data referred to October 2021 confirm the rising trend in employment rate (+0,1 percentage points by September) associated with the rise of the unemployed rate (+0,2 percentage points) and the decline of the inactive rate (-0,2 percentage points). Also in a year-over-year perspective the growth in the employment rate (+1,7 percentage points) is associated with the decrease in unemployment and inactivity rates (-1,3 and -0,9 percentage points respectively).

On the enterprise side, labour demand continues to show signs of recovery: on a quarterly basis total employee jobs increase by 2.7%, as a result of a rise of both full time jobs (+2.4%) and part time (+3.4%); on an annual basis, total employee jobs rise most significantly, by 5% (+3.6% part time and 5.6% full time).The hours worked per employee show an increase on a quarterly basis (1.9%) and a more evident one on an annual basis (6,4%). The use of short-time working allowances fell to 40,1 hours per 1,000 hours worked. The job vacancy rate rises compared to the previous quarter (by 0.2 percentage points) and to a greater extent respect to the third quarter 2020 (by 0.9 percentage points). Total labour cost continues to record a slight growth on a quarter-over-quarter basis, equal to 0.1%, as a result of an opposite variation of its two components: an increase of wages equal to 0.2% and a decrease in social security contributions equal to 0.2%. On an annual basis, labour cost records an increase equal to 1.1%, a synthesis of a growth in the wages component, equal to 1.7%, against a reduction in social security contributions equal to 0.6%.

Direct statistical surveys and data collection from administrative sources for statistical purposes have been affected by the current health emergency. Corrective actions have been carried out in order to counteract its statistical effects and to ensure processing and dissemination of data for the first quarter of 2021. It should be noted, however, that the estimates presented in this press release are provisional – also in the consistency of some indicators from different sources – and may therefore be revised on the basis of further analysis and more extensive and complete information when available.