According to the third quarter EPA, employment increased in quarterly terms by 69,400 people, in a period that is usually favorable for the labor market for seasonal reasons. However, this is the smallest increase in a third quarter since 2012. In seasonally adjusted terms, the quarterly rate slows down to 0.09% (0.25% earlier), this being the lowest figure since the end of 2013.
The pace of job creation in year-on-year terms is moderated, to 1.77% from 2.38% in the second quarter. The number of employed persons has increased by 346,300 people in one year and stands at 19,874,300 people, the highest level since 2008.
The increase in employment in the third quarter is divided almost equally between the private sector (+35,200) and the public sector (+34,200). In interannual terms, both the private and public sectors moderate their growth rates, up to 1.74% and 1.93%, respectively, although the slowdown is more pronounced in the case of the private sector.
In the third quarter, employees with an indefinite contract maintain a steady year-on-year growth rate, at 3.25% (+387,900 people). Meanwhile, employees with a temporary contract registered a drop of -0.7% (-31,500 people).
Full-time employment increases by 270,900 people in the third quarter compared to the same period last year, much higher than part-time job growth in the same period (+75,400 people).
In the third quarter, employment increased in industry (+51,200) and in services (+87,700), compared to the previous quarter. However, it falls in agriculture (-63,000) and in construction (-6,500). In interannual terms, all sectors create employment, except agriculture. However, the notable slowdown in construction (from 5.03% in the second quarter to 2.40% in the third) and in services (from 2.54% to 1.68%) stands out. On the other hand, the industry's uptick stands out, with an employment growth rate of 3.31% (previous 1.53%).
The number of unemployed decreased by 16,200 people compared to the previous quarter, the lowest drop in a third quarter since 2012, and stands at 3,214,400 people, at levels of 2008. Since the third quarter of 2018, the number of unemployed has been reduced by 111,600 people (-3.36%). In seasonally adjusted terms, the unemployed increase 1.72% quarter-on-quarter, the most unfavorable figure since the beginning of 2013.
The unemployment rate falls one tenth, down to 13.92%, the lowest since 2008. For its part, the active population has increased by 53,200 people compared to the second quarter, and in year-on-year terms it rebounds and notes an increase of 1 03%
In the third quarter, the number of households with all their active members unemployed increases by 17,200, bringing the total to 1,010,000 households. On the other hand, the number of households with all their active active members increases by 61,200, to 10,707,400.
In short, the loss of momentum in the labor market in the third quarter is consolidated. Given this scenario, it is necessary, in the framework of dialogue and social consultation, to deepen the implementation of measures to stimulate economic activity and provide us with a flexible legal framework, which makes it possible to increase the competitiveness of Spanish companies and their ability to adaptation to changing reality. This is the way to continue the growth of activity and employment, to ensure the sustainability of our social protection system.