Spain | The improvement in the labor market slowed down in the 2Q23

Summary

Social Security affiliation increased moderately in June (54,500) and unemployment fell (-50,300). After adjusting for seasonality, employment grew in 2Q23 (1.1% q/q SWDA) and both hiring (-1.7%) and registered unemployment (-2.9%) fell.

Key points

• Key points:
• The increase in Social Security affiliation decelerated more than expected in June.
• The services sector kept employment afloat, despite its loss in dynamism.
• The temporary employment rate increased.
• The unemployment rate fell by the ninth consecutive month. The primary and services sector led the fall in unemployment.
• The labor market results in 2Q23 were positive, despite the deceleration registered in May and June.

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