January 2023 MIC - the indicator in the current wording which underestimates extended unemployment in view of the impossibility of enucleating the number of discouraged and underemployed drawn up by Confcommercio - stood at an estimated value of 17.9, up six-tenths of a point on the previous month and never so high since July 2021. The worsening of the indicator is a synthesis of an increase in the rate of change in the prices of goods and services with a high purchasing frequency and a moderate increase in unemployment. In January, despite the slowdown in economic activity, the labor market continued to show signs of vivacity: the number of employed increased by 35,000 over December and people looking for work by 33,000. In particular, the latter phenomenon is partly linked to greater participation in the world of work, with the number of inactive people reduced by 83,000 over the previous month. These dynamics led to a slight increase in the official unemployment rate (7.9%).