Spain | Positive labour market balance in 1Q22, despite headwinds.

Summary

Enrollment increased in March (140,200 persons), temporary employment fell (to 69.3%) and unemployment barely change (-2,900 persons). Seasonally adjusted, this pattern was confirmed. In 1Q22, Social Security affiliation (1.2% t/t CVEC) and hiring (1.5%) grew while registered unemployment fell (-5.4%).

Key points

• Key points:
• The recovery in Social Security affiliation surprised on the upside.
• Temporary employment declined for three months in a row.
• Unemployment almost stagnated.
• The recovery of the Spanish labour market continued in 1Q22.

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