Spain| Incomplete recovery despite labor market improvement in August

Summary

Social Security Affiliation raised by 6,800 people in August (-2.7% YoY) and unemployment by 29800 (24% YoY). Discounting seasonality, the number of contributors grew by 180000 and the unemployed fell by 17000. The estimated impact of the crisis continues to be significant: -960000 contributors and 825000 unemployed.

Key points

• Key points:
• The recovery in Social Security Affiliation continued in August, but the aggregate effect of the COVID-19 crisis remains significant
• Impact of COVID-19: 825,000 unemployed, 812,000 affected by ERTE and 1,629,000 self-employed with benefits in August

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