Spain (LFS 4Q21) | Employment and unemployment recovered to pre-crisis levels.

Summary

In 4Q21, employment grew by 153,900 people (4.3% YoY), but hours worked hardly improved. The 158,900 drop in the labor force helped the unemployment rate to fall to 13.3%. In 2021, 571,200 jobs were created (3.0%) and the unemployment rate decreased to 14.8%.

Key points

• Key points:
• Job creation was widespread, net of seasonality
• Both employees and self-employed helped to the increase in employment
• The unemployment rate fell 1.2 points to 13.3%, more than expected
• The labor market recovered strongly in 2021, following a sharp deterioration in 2020.
• Castilla-La Mancha and Murcia led job creation in 2021

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