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Italy's unemployment rate declines in Q3

The unemployment rate in Italy declined to 10.2% in the third quarter from 10.7% in the second quarter, according to the country's National Institute of Statistics.

The Econoday consensus forecast was for an unemployment rate of 10.3%.

The employment rate held steady at 58.7% and the agency attributed a short-term decrease in the number of employees to a decline in the number of permanent employees and self-employed people coupled with another increase in the number of temporary employees. The inactivity rate edged up by 0.4 percentage point to 34.5% from the previous quarter.

Wages and salaries edged up by 0.2% from the previous quarter and were up by 1.3% from the year-ago period. Labor costs rose by 0.5% from the previous quarter and were up by 2.2% year over year.

In industrial and service enterprises, jobs increased by 0.5% in the quarter and the number of hours worked per employee were up by 0.2%. On an annual basis, jobs were up by 2.1% while per capita hours worked declined by 0.1%.