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The unemployment rate in Italy dropped to 5.8% in October 2024, below market expectations of 6.1% and down from a downwardly revised 6% in the previous month. This marked the lowest level since records began in January 1983, extending the period of tightness in the Italian labor market. The number of unemployed individuals fell by 58,000 to 1,473,000, which was the lowest since June 2007. Meanwhile, the number of net employment rose by 47,000 to 24,092,000. The labor force participation rate held steady at 66.4%, its lowest in nineteen months.