Spain | March saw a more positive than expected quarter for the labour market

Summary

Social Security affiliation rose strongly in March (206,400 persons), temporary employment fell (to 53.2%) and so did unemployment (-48,800 persons). After adjusting for seasonality, in 1Q23, Social Security affiliation grew (1.0% t/t SWDA), while hiring and registered unemployment fell (-4,6% and -2.7%, respectively).

Key points

• Key points:
• Social Security affiliation rebounded strongly in March.
• Services led the improvement in Social Security affiliation.
• The temporary employment rate rose.
• Sixth consecutive decline in registered unemployment. All sectors contributed to the reduction in unemployment.
• The labor market maintained its dynamism in 1Q23, despite the headwinds.

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