Spain | March data confirm the positive trend in the labor market for Q1 2024

Social Security affiliation rose more than expected in March (193,600 individuals), but unemployment declined less than forecasted (-33,400). Seasonally adjusted, employment rebounded in Q1 2024 (0.8% quarterly CVEC) and both hiring (-0.9%) and unemployment (-1.9%) decreased.

Key points

• Key points:
• Social Security affiliation once again surpassed expectations.
• Employment rose across all sectors.
• The temporary rate in the General Regime saw a decrease.
• The pace of unemployment reduction decelerated.
• Enhanced labor market dynamism in the first quarter.

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