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Spain | December data ratify the sluggishness of the labor market in 4Q19

Published on Friday, January 3, 2020

Spain | December data ratify the sluggishness of the labor market in 4Q19

Social security affiliation rosed by 31,700 people in dec-19 (2.0% YoY) and unemployment fell by 34,600 (-1.2% YoY). Excluding seasonal factors, employment grew by 15,000 people and unemployment by 5,000. In 4Q19 the affiliation slightly advanced (0.4% t/t CVEC) and unemployment broke its downward trend (0.1% t/t CVEC)

Key points

  • Key points:
  • Social Security affiliation disappointed at the end of 2019
  • Employment development was somewhat worse than expected in all sectors
  • Hiring corrected upwards in December
  • Unemployment surprised negatively
  • Construction sector was responsible for the non-seasonal increase in unemployment

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