Spain | Job creation lost traction in 2Q19

Summary

The favorable seasonality contributed to an increase in employment of 333,800 people in the 2Q19 (2.4% a/a), less than expected. Active population surprised positively, so that the unemployment rate only decreased 7 tenths to 14.0%. Excluding seasonal factors, employment grew 0.3% t/t

Key points

• Key points:
• Occupation increased between April and June, but less than expected and as anticipated by Social Security registrations
• Job creation in industry and services offset the decline in the primary sector and construction
• Occupation receded in the public sector
• Seasonal increase in the temporary employment rate and reduction in the unemployment rate, despite the upturn in the active population
• Navarra, La Rioja and Cantabria led job creation in the second quarter

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