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In June, Social Security enrollment rose by 76,700 and unemployment fell by 48,900. Seasonally adjusted, contributors increased by 35,400 and the jobless declined by 15,400. In Q2 2025, employment grew 0.6% QoQ and unemployment dropped 1.9%, as in Q1.

The latest Social Security enrollment figures for March come as welcome news for the Spanish economy, yet they are also a timely reminder that job creation alone is not enough in itself: we also need it to be more productive.

Social Security affiliation fell by 193,700, and unemployment increased by 21,900 due to seasonal factors. After adjusting for this factor, it is estimated that the number of contributors rose by 23,000, while the unemployed decreased by 4,500. The percentage of affiliates with temporary contracts increased marginally.

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 after growing the previous month. Temporary employment ratio fell to 56% SWDA.

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 employment rate grew (to 55.5%), while unemployment fell (-29,000).