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

Summary

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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