Publications

In December, Social Security affiliation increased by 19,200 people and unemployment fell by 16,300. After seasonal adjustment (SA), the number of contributors is estimated to have risen by 31,000, and the number of unemployed declined by 7,000. Overall, 2025 ended with 487,300 more affiliates and 155,000 fewer unemployed

The Spanish economy is growing more through employment than productivity. The efficient allocation of resources (capital and labor) to more productive sectors is one of the structural challenges. There's an urgent need to boost investment, human capital, and AI, and remove barriers for the most productive companies to grow.

In the third quarter of 2025, the economy grew by 0.6% compared to the previous quarter. This growth was due to domestic demand, which managed to offset the decline in external demand. During this period, there was a significant increase in employment and a decrease in productivity.

The scenario for the Spanish economy points to the continuation of the pattern observed in recent quarters: The expansion will be sustained as long as the capacity to create employment increases and the productivity of capital continues to grow.

In November, Social Security enrollment fell by 14,400 people and unemployment by 18,800. After seasonal adjustment (SA), it is estimated that the number of contributors grew by 45,000 and the number of unemployed fell by 10,000. The temporary employment rate fell marginally to 13.5% (SA).

In this edition of the QLMO, we examine labour market developments using the information available up to Q3 2025. We review the main aggregate indicators and analyse the challenge of generational replacement.

The labor market is closing 2025 with a combination of good news and structural challenges that persist. The latest data confirm a sustained expansion in employment, which does not prevent a significant gap in employment and unemployment rates from continuing to exist.