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Social Security affiliation fell by 11,600 people and unemployment by 24,600. After adjusting for seasonality, we estimate that the number of affiliated workers grew by 25,000 (2,500 more than in Oct) and the number of unemployed fell by 16,000, after stagnating since July. Temporary employment fell by 1.1 pp to 56.7% SWDA.
Spain's GDP growth forecast is maintained for 2023 (2.4%), revised downwards to 1.5% in 2024 and is expected to accelerate in 2025 (2.5%). The growth bias is negative due to the geopolitical context and uncertainty in EMU activity and economic policy measures.
Colombia has made significant progress in terms of labor formality in the last four years. Labor formality has positive implications for people's living conditions, productivity and the country's capacity to face adverse events, among others.
Both Social Security affiliation (92,900 people) and unemployment (36,900) increased. Seasonally adjusted, the number of affiliated workers grew by 20,000 (4,000 less than in September) and the number of unemployed rose for the second consecuti…
The economy slowed down in 3Q23 (to 0.3% quarter-on-quarter) due to sluggish external demand and despite the good performance of most domestic demand. The advance in activity occurred in a context marked by a marginal increase in both hours wor…
Social Security affiliation increased more than expected in September (18,300 people), although the increase in unemployment surprised negatively (19,800 people). After adjusting for seasonality, employment grew in 3Q23 (0.3% QoQ CVEC), hiring fell (-3.1%) and registered unemployment stagnated.
As we discussed in our latest Quarterly Labour Market Observatory, conducted jointly with Fedea and Sagardoy Abogados, job creation has continued to grow in Spain over the last few months, but is now showing signs of slowing.
Seasonality worked against Social Security affiliation (-185,400) and unemployment (24,800) in August. Excluding its impact, the number of affiliates increased by 20,000, 3,500 more than in July, and the number of unemployed decreased by 7,000 …
The June 2023 national unemployment rate was 9.3%, the lowest rate for a month of June since 2018. The decline in the June unemployment rate responded to a rebound in job creation (4.7% y/y) from 1.7% in May. Employment for the month was high a…
The growth in Social Security affiliation (21,900) and the reduction in unemployment (-11,000) in July were lower than expected. Seasonally adjusted, the number of affiliates increased by 16,000, 5,000 more than in June, and the number of unemp…
The increasing longevity of the Spanish population, together with the progressive delay in entering the labor market, poses a challenge for the welfare state, but also an opportunity for society.
In May, unemployment showed mixed signals, with a reduction at the national level but an increase at the urban level. The service sectors led job creation and women were the main contributors to this creation, accounting for 99% of the jobs created compared to May 2022.
