Spain: unparalleled effect of COVID-19 on employment

Average Social Security affiliation decreased by 548.1k (4.0% YoY) in April and unemployment rose by 282.9k (21.1% YoY). SA, the drop in employment was 680.0K and the increase in unemployment was 348.0K. The cumulative impact of the crisis is estimated at -1.2 million employed and 615,000 unemployed

Key points

• Key points:
• The average drop in employment due to the COVID-19 crisis was again historic in April
• Services, followed by construction, bear the brunt of job destruction
• Temporary employment accounted for most of the decline in Social Security affiliation
• The recruitment was positioned in figures from the mid-1990s
• 3,831,000 unemployed and 3,387,000 affected by temporary lay-offs (ERTE). 8 out of 10 new unemployed came from the service sector

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