(Finance) – The phase of moderate growth in the labor market continueswhich continues to create increasingly stable employment, also in terms of contracts. This is what emerges from the last one Istat quarterly reportfrom which it emerges that, in the third quarter of 2024, the work input measured by hours worked is increased by 0.2% in quarter e by 1.5% on year. In the same period, GDP remained stationary in economic terms and grew by 0.4% in trend terms.
Stable and growing job
The employed increase by 117 thousand units (+0.5%) compared to the second quarter of 2024, following the growth of employees a indefinite period (+111 thousand, +0.7%) and of independent (+43 thousand, +0.8%) which more than compensated for the decrease in fixed-term employees (-37 thousand, -1.3% in three months).
Unemployment still falling
The number of decreases unemployed (-149 thousand, -8.7% in three months)even if it increases that of inactive (+88 thousand, +0.7%). As regards the dynamics for rates, the unemployment rate drops to 6.1% (-0.6 points) and that of inactivity rises to 33.4% (+0.2 points), while that of employment reaches 62.4% (+0.2 points).
Positive October
In the provisional data of month of October 2024compared to the previous month, continues the increase in employed people (+47 thousand, +0.2%) and the relative rate (+0.1 points) which is associated with the decrease in unemployment rate (-0.2 points) and the growth of that of inactivity aged 15-64 (+0.1 points).
Over half a million more employed
Employment in October also grows in trend terms (+517 thousand, +2.2% compared to the third quarter of 2023), also involving in this case the employees a permanent contract (+3.6%) they independent (+2.6%) given the decrease in fixed-term employees (-5.9%).
The decline in the number continues unemployed (-418 thousand in one year, -22.7%)while that of the inactive (+100 thousand, +0.8%). This dynamic is reflected in the growth in the employment rate (+1.0 points in one year) and in the inactivity rate (+0.1 points) and in the decrease in the unemployment rate (-1.7 points).
Rising labor costs for businesses
On the business sidethe economic growth of employee job positions is also observed in this quarter, with an increase equal to 0.5% in the total and the 0.4% in full-time components e part time. Compared to the same quarter of the previous year, the increase stood at 2.2% in total and in component part timethe growth of the component was slightly lower full time (+2.1%).
The hours worked per employee decrease both in economic terms (-0.9%) and trend (-1.0%) and the use of redundancy payments rises to 8 hours for every thousand hours worked. The vacancy rate remains unchanged, at 2%, in the economic comparison and decreases by 0.2 percentage points in the trend comparison.
The increase in labor costs per full-time equivalent work unit (AWU) on a cyclical basis, equal to 1%is of the same size for its components (salaries and social contributions). On an annual basis, as a result of the improvements established in the contractual renewals, the growth in labor costs is more markedattesting at 4.6%; the increase concerns both the salary component (+4.3%) – which records, for the second consecutive quarter, the maximum intensity of growth in the historical series since 2010 (excluding the exceptional period of health emergency) – and, to a more significant extent, the social contributions (+5.1%).