Spain | LFS 4Q25: Employment surprises on the upside as the unemployment rate declines

Summary

Employment rose 0.9% QoQ (SA), four tenths faster than in Q3. Hours worked and participation increased, while unemployment fell to 10.2% (SA). In 2025, 567,200 jobs were created (2.6%) and the jobless rate declined to 10.5%.

Key points

• Key points:
• Employment rebounded and supported growth in hours worked despite a decline at the intensive margin.
• Services and construction accounted for most of the employment gains.
• Job creation among employees offset the decline in self-employment.
• The unemployment rate fell again amid rising labour force participation.
• Labour market momentum strengthened in 2025, with Asturias and La Rioja leading job creation.

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