Spain | Labor market sluggishness in 1Q21

Summary

Social Security affiliarion rose by 70,800 in March and unemployment fell by 59,100. Seasonally adjusted, employment fell by 8,000 and unemployment by 20,000. In Q1, job creation moderated (0.2% q/q q/q CVEC) and unemployment rose (0.5%). There were still 1,184,000 workers with limited activity

Key points

• Key points:
• Employment fell again in March, and it is estimated that there are 970,000 fewer people affiliated than there would have been in the absence of COVID-19.
• 1,184,000 affiliated workers with limited activity: 745,000 affected by ERTE and 439,000 self-employed with benefits.
• Registered unemployment surprised on the downside

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