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Financial News: Italy's Labor Hours, Employment Fall Amid Covid-19 Emergen

Italy's Labor Hours, Employment Fall Amid Covid-19 Emergency

06/12/2020 - 09:02:00 (RTTNews)

(RTTNews) - Italy's labor market dynamics in the first quarter of 2020 have been strongly affected by the consequences of the coronavirus health emergency since the last week of February, the statistical office Istat reported Friday.

Labor input in hours worked decreased 7.5 percent sequentially in the first quarter due to the exceptional fall in economic activity due to the coronavirus, or Covid-19, pandemic.

The number of people in employment decreased 101,000 or 0.4 percent in the first quarter. The employment rate dropped to 58.8 percent, down 0.2 points compared to last quarter.

The unemployment rate fell to 8.9 percent from 9.5 percent in the fourth quarter. This was the fifth consecutive fall.

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