Social Security membership
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Gross social security affiliation fell by 244,000 people in January (1.8% YoY) and unemployment rosed by 90,200 (-1.0% YoY). Excluding seasonal factors, employment barely grew by 9,000 people and unemployment by 4,000, which, in any case, represented a prolongation of the sluggishness in the labour market registrations
Social security affiliation rosed by 31,700 people in dec-19 (2.0% YoY) and unemployment fell by 34,600 (-1.2% YoY). Excluding seasonal factors, employment grew by 15,000 people and unemployment by 5,000. In 4Q19 the affiliation slightly advanced (0.4% t/t CVEC) and unemployment broke its downward trend (0.1% t/t CVEC)
Social security affiliation fell by 53,100 people (2.3% YoY) and unemployment rose by 20,500 (-1.7% YoY). Excluding seasonal factors, there are signs of stability in the labor market, in figures less favorable than those of 2018: employment grew by 30,000 people and unemployment registered its fourth growth in 2019 (1,200)
Social security affiliation increased by 106,500 people (2.3% YoY) and unemployment by 97,900 (-2.4% YoY). Once seasonality is accounted for, mixed signals are observed in labor market: employment gained dynamism and grew by 39,000 people, but unemployment registered its third non-consecutive growth in 2019 (13,000 people)
The public pension system is a basic pillar of the welfare state. The Spanish system is perfectly viable and sustainable, provided that it adapts to ongoing economic, social and demographic changes in Spanish society.
Having seen the update that various institutions have made on growth scenarios for the Spanish economy over the last week, I was reminded of a quote from Cormac McCarthy's book "The Road."
The recent review by the INE (Spanish Office of National Statistics) of the Quarterly Accounts came as a surprise, with growth in the second quarter falling below previous progress and the forecasts by analysts and experts.
Social security affiliation increased by 3,200 people in sep-19 (2.4% YoY) and unemployment increased by 13,900 (-3.8% YoY). Excluding seasonality, employment grew by 26,000 and unemployment fell by 18,000. Both the increase in affiliation (0.4% QoQ CVEC) and the fall in unemployment (-0.4% QoQ CVEC) lost traction in the 3Q