Spain | Labor market recovery gained traction at the end of the state of alarm

Social Security affiliation grew by 211,900 people and unemployment fell by 129,400. BBVA Research estimates that seasonally adjusted employment advanced by 71,000 people and unemployment fell by 27,000. Although affiliation approached pre-crisis levels, there are 1,002,000 workers with limited activity.

Key points

• Key points:
• Employment is close to pre-crisis levels, but it is estimated that there are 1,059,000 fewer Social Security affiliates than in the absence of COVID-19.
• 1,002,000 workers with limited activity: 544,000 affected by ERTE and 459,000 self-employed with benefits.
• Registered unemployment positively surprised

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