October 4, 2021
Unemployment rate latest publications
2021 is shaping up to be historic in formal job creation, but risks persist. Forward data of September would point to a job creation unprecedented in the last 24 years.
The labor market hit the brakes in August, probably driven by both demand and supply factors as a consumption demand slowdown along with increasing health concerns, both associated with the Delta variant, impacted the labor market.
In July, the unemployment rate was 14.3%, lower than in July 2020, but higher than in July 2019. Between June and July 2021, with comparable data, the unemployment rate decreased by 1.1 p.p.. This reduction was leveraged on employment, which grew considerably in July.
July 29, 2021
Spain | LFS Employment rebounded strongly in 2Q21 after the end of health restrictions
Job creation picked up (0.8% QoQ SWDA; 5.7% YoY) and the number of employees on ERTE or partial unemployment who did not work halved (207,100).Total hours worked increased significantly (3.4% QoQ SWDA; 34.4% YoY) and the unemployment rate fell to 15.3%.
In April 2021, the national unemployment rate stood at 15.1%. Between March and April of 2021, labor variables showed deterioration, with a sharp drop in employment and labor force and an increase in unemployment.
In March, the unemployment rate declined, compared to February, but with a weak performance of the labor market. As of March 2021, it had recovered 79% of the 6.0 million jobs lost between February and April, the time of the worst labor market deterioration.
In February, employment was boosted by the easing of mobility restrictions. By that month, 79% of the employment lost when it had deteriorated the most had been recovered. Its recovery is expected to continue and its pace will depend on economic growth, the progress of the pandemic and the measures to contain it.
In January, mobility restrictions temporarily interrupted the employment recovery. As of January, 73% of the jobs lost at the time of the worst deterioration of the labor market had been recovered. Given the easing of restrictive mobility measures, the labor market is expected to return to dynamism from February of 2021.