The National Institute of Statistics (ISTAT) said that in May, the unemployment rate fell to 8.1% from 8.3% in April (revised from 8.4%), and reached the lowest value since April 2020. Economists had expected the unemployment rate to reach 8.4%. The number of unemployed decreased by 44 thousand or 2.1%. Meanwhile, the number of employed fell by 49 thousand or 0.2%, while the employment rate decreased by 0.1% to 59.8%.
The data also showed that over the past three months (from March to May), the number of employees increased by 136 thousand or 0.6% compared to the previous three-month period (from December to February). Meanwhile, the number of unemployed decreased by 109 thousand or 5% compared to December-February.
ISTAT reported that in annual terms, the number of employed increased in May by 2.1% or 463 thousand, while the employment rate increased by 1.8%. As for the number of unemployed, it decreased by 416 thousand or 17% per annum.