Jobs, nearly half a million jobs went up in smoke in three months

• Jobs: Istat, after four months of decline, employment returns to grow: + 0.4%.

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11 September 2020 In three months almost half a million jobs have gone up in smoke: Istat reports.

In the report on the labor market, on the supply side, it is noted that in the second quarter of 2020 the number of people employed undergoes a large decline in economic terms (-470 thousand, -2.0%), mainly due to the decrease in employees fixed-term and independent.

On a trend basis, on the other hand, i.e. compared to the second quarter of 2019, the number of employees drops by 841 thousand units (-3.6% in one year): mainly fixed-term employees decrease (-677 thousand, -21.6 %) and the self-employed continue to decrease (-219 thousand, -4.1%) against a slight increase in permanent employees.

According to Istat, in the second quarter the employment rate dropped to 57.6%, down by 1.2 points compared to the first quarter of 2020;

young people aged 15-34 showed the most marked decrease (-2.2 points).

In the provisional data for July 2020, net of seasonality and after four months of decline, the number of employed persons returns to grow (+85 thousand, + 0.4%) compared to June 2020 and the employment rate dates back to 57.8 % (+0.2 points in one month), measuring a positive reaction of the labor market to the recovery of levels of economic activity.

With regard to the annual basis, the decline in employment affects both full-time and part-time employees, for whom part-time is involuntary in 63.9% of cases.

In addition, the number of employees who worked for at least 36 hours a week decreased (50.6%, -13.8 points), following absences from work and the reduction in working hours due to the health emergency.

decreasing. People who have not given up looking for a job are decreasing.

Istat notes that in the second quarter, in the annual comparison, the reduction in the number of people seeking employment continues with greater intensity (-647 thousand in one year, -25.4%).

decrease Hours worked recorded a sharp decrease compared to both the previous quarter (-13.1%) and the same period of 2019 (-20.0%).

These are trends consistent with the phase of exceptional decline in economic activity, with a decline in GDP in the last quarter of 12.8% in economic terms.

On the job supply side, in the second quarter of 2020 the number of people employed suffered a large decline compared to the previous quarter (-470 thousand, -2%), mainly due to the decrease in temporary and self-employed employees.

The employment rate drops to 57.6%, down by 1.2 points compared to the first quarter of 2020;

young people aged 15-34 showed the most marked decrease (-2.2 points).

In the provisional data for July 2020, net of seasonality and after four months of decline, the number of employed persons returns to grow (+85 thousand, + 0.4%) compared to June 2020 and the employment rate dates back to 57.8 % (+0.2 points in one month), measuring a positive reaction of the labor market to the recovery of levels of economic activity.