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.
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September 4, 2023
Spain | More employed and less unemployed in August after discounting negative seasonality
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 after growing the previous month. Temporary employment ratio fell to 56% SWDA.
Social Security affiliation rose strongly in March (206,400 persons), temporary employment fell (to 53.2%) and so did unemployment (-48,800 persons). After adjusting for seasonality, in 1Q23, Social Security affiliation grew (1.0% t/t SWDA), wh…
The loss of purchasing power, together with the growth of the financial burden and volatility in the markets, may lead to a prolonged period of low growth instead of a moderate, one-off recession.
Social Security affiliation rose strongly in February (88,900) and unemployment practically stagnated (2,600). After adjusting for seasonality, it is estimated that both the number of Social Security affiliation (83,000) and temporary employmen…
The increase in temporary employment boosted Social Security enrollment (213,600 people) last month, while unemployment fell (-99,500 people). Seasonally adjusted, this pattern was maintained. Employment grew (70,000 people) and the temporary employment ratio (up to 63%) while unemployment fell (-55,000).
Affiliation increased last month (184,600 people) -driven by permanent employment- and unemployment fell (-86,300 people). Seasonally adjusted, this pattern was maintained. Employment grew (90,000) and the temporary employment ratio fell (to 58%) and unemployment (-50,000).
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 hir…
Social Security affiliaton increased last month (67,100 jobs) while temporary hiring and unemployment fell (to 78.1% and -17,200 unemployed), in line with expectations. Seasonally adjusted, this performance was maintained: 88,000 more jobs, 74,…
Negative seasonality reduced Social Security affiliation (-197,800) and the temporary employment ratio (to 85.7%), while increased unemployment (17,200), in line with expectations. However, after adjusting for seasonality, employment grew by 6…
Social Security affiliation grew by 72,600 in Dec-21 and unemployment fell by 76,800, more than expected. Seasonally adjusted, employment rose by 73,000 and unemployment dropped by the same amount. In Q4, the increase in affiliation kept its pace (1.1% QoQ SWDA) and the reduction in unemployment slowed (-6.6%).
Social Security affiliation grew by 61,800 and unemployment fell by 74,400, more than expected. Temporary employment rate fell, benefiting from the contingency plan against irregular hiring. Excluding seasonality, BBVA Research estimates that employment increased by 100,000 and unemployment fell by 91,000