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Formal employment reached a record high in July 2025 due to the incorporation of digital platform workers. Excluding this effect, there was a net destruction of jobs, in a context of declining investment and weak consumption.

July U.S. labor data show sharp hiring slowdown: 73k jobs added, prior months revised -258k, jobless rate at 4.2%, participation at 62.2%. Wage growth stagnates; health care sole driver. Market sees 89% odds of Fed rate cut in September.

Once the favorable seasonality is discounted, employment rose 0.7% quarterly (SWDA), one tenth more than Social Security affiliation. Likewise, hours worked increased by 0.3% SWDA and temporary employment rates (down to 15.3% SWDA) and unemployment rates (down to 10.5% SWDA) dropped.

Formal employment stagnated in June, closing Q2 with negative growth. This reflects weakness in key sectors, declining investment, and deteriorating expectations, all of which contribute to an adverse environment that could impede short-term labor market recovery.

The proposal to reduce the workweek to 40 hours, aligned with ILO standards, could enhance productivity. However, it faces risks stemming from labor informality and the technological gap in Mexico. Artificial intelligence could play a key role in the transition, but investment is required to bridge the digital divide.

Spain's problem is not a shortage of savings, but insufficient investment. The challenge is to channel these savings, both domestic and European, into productive projects capable of generating a return, while creating quality employment and societal growth.

The national unemployment rate for May 2025 was 9.0%, lower than 10.3% a year ago and the lowest for a May in the last 24 years. Seasonally adjusted, the rate showed a decreasing trend between June 2024 and April 2025 and was around 9% in the March-May 2025 period.

This Working Paper briefly describes the latest update made to the sectoral module of the RegData FEDEA-BBVA database, 1955-2023.