This paper estimates Italy’s labor market flows between 1921 and 1940 by exploiting evidence from three population censuses in 1921, 1931 and 1936. We compute historical series for the working-age population, inactive population, labor force and unemployed individuals. Further, we estimate seasonal agricultural workers to obtain a new unemployment series. We also estimate all labor market flows and series by gender in order to shed light on gender-based differences in labor outcomes in this period. Our estimates show that the Italian interwar period was characterized by falling labor participation and large increases in inactivity, primarily driven by women leaving the labor force. Our estimates are also reassessing the evolution of unemployment in the 1920s and 1930s. Unemployment rates were fairly high during the 1920s, with almost a third of unemployment made up of agricultural seasonal workers. Following the Great Depression, unemployment rates fell considerably due to the outflow of workers from the labor force. Finally, we estimate significant gender differences in labor market outcomes while both male and female participation and unemployment rates experience long-term negative trends.