Italy's employment rate touches record high of 62.7% in October

Italy's employment rate rose to 62.7 per cent in October, the highest level recorded since the statistical series began in January 2004, according to figures released on Tuesday by the Italian National Institute of Statistics (Istat).

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The Italian News Agency (ANSA) quoted the national statistics agency as saying that 24.208 million people were employed in Italy in October.

Employment increased by 75,000 compared with September and by 224,000 compared with October 2024, raising the employment rate by 0.1 percentage point, based on provisional data.

Istat reported that the unemployment rate dropped by 0.2 percentage point to 6.0 per cent in October, while the youth unemployment rate declined by 1.9 percentage points to 19.8 per cent. The inactivity rate remained stable at 33.2 percent.

Meanwhile Italy's service sector expanded for a 12th consecutive month in November and at the fastest pace since April 2023, a survey showed on Wednesday, raising the prospect of firmer growth in the euro zone's third-largest economy.

The HCOB Purchasing Managers' Index (PMI) for services climbed to 55.0 last month from 54.0 in October, moving further above the 50 threshold that separates growth from contraction.

A Reuters survey of 14 analysts had pointed to a reading of 54.0.

November's rise "was underpinned by a surge in new business, which grew at the fastest pace since mid-2024, driven by successful client acquisition," said Hamburg Commercial Bank AG economist Nils Muller.