Spain | Job creation went from low to high in 4Q23

Social Security affiliation increased more than expected in December (29,900), but unemployment fell less than expected (-27,400). Seasonally adjusted, employment rebounded in 4Q23 (0.4% q/q SWDA) and unemployment fell (-0.3% q/q SWDA). The year 2023 closed with 539,700 more affiliated workers and 130,200 fewer unemployed.

Key points

• Key points:
• Social Security affiliation gained traction in December.
• All non-agricultural sectors contributed to employment growth.
• Fall in temporary employment rate and unemployment.
• Services led the way in reducing unemployment.
• Increased labor market dynamism in the fourth quarter.

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