• The third-quarter EPA places the unemployment rate at 16.38%, the lowest level since the start of the recession
  • For the first time in eight years, the 19 million employed persons have been exceeded
  • Most of the employment is created in the private sector, almost everything is full-time and the permanent ones exceed the temporary ones
  • Households with all their assets unemployed fell by 244,400 and those with all occupied grew by 412,300.

The Spanish economy created 521,700 jobs in the third quarter compared to a year earlier and unemployment fell by 589,100, according to data from the Labor Force Survey (EPA) published by the INE. The increase in employment in the last year is 2.82%, which means that almost all economic growth translates into new jobs. For the first time in the last eight years, the 19 million employed persons have been exceeded. Most of the employment is created in the private sector, practically everything is full-time and indefinite salaried employment grows more than temporary. The total number of unemployed fell to 3,731 million, the lowest figure since the start of the recession, as well as the unemployment rate, which decreased by 2.53 points in the last year, to stand at 16.38 % of the active population.

The new results of the labor market exceed expectations and are consistent with the good performance of the economy. According to the latest macroeconomic chart, the Spanish economy will grow by 3.1% on average in 2017, one tenth above the previous estimate. Virtually all of this growth has been transferred to job creation, 521,700 in the last year, which demonstrates the effectiveness of the reforms, the improvements in competitiveness achieved and the reduction of macroeconomic imbalances. Since the minimum level of employment reached during the crisis (first quarter of 2014) more than two million net jobs have been created and the number of unemployed has decreased by 2.5 million people from the maximum recorded in the first quarter of 2013 , while the unemployment rate has dropped 11 points.

In the third quarter of this year, the number of employed persons reached 19,049 million, a figure that has not been achieved since the same period in 2009, after increasing the number of employed persons by 235,900 in relation to the second quarter. This rate of job creation for a third quarter is the highest in the last 12 years. Regarding unemployment, it decreased by 182,600 people in the quarter, to total 3,731 million, the lowest figure since the fourth quarter of 2008. Unemployment fell in the services and industry sectors and rose in agriculture and construction. The number of people who lost their job more than a year ago fell by 114,900 and the number of unemployed seeking the first job rose by 11,400.

Job creation in the last year has been concentrated in the private sector, with 463,500 more employees, 2.99% more than a year ago, compared to the increase of 58,200 people in public employment (1.94%). 94.5% of the employment created has been full-time (493,000 more people) and the remaining 5.5%, part-time (28,700 more). Employment has been created in all sectors, mainly in services (301,700, 57.8% of the total). In industry it has increased by 139,400 employed persons, in construction, by 47,400 and in agriculture, by 33,200. Indefinite employees increased by 299,300, compared to 202,700 temporary employees. The temporary employment rate stands at 27.38%, 43 hundredths higher than that of a year earlier, and remains below pre-crisis levels.

The reduction in unemployment amounted to 589,100 people in the third quarter compared to a year earlier, which exceeds half a million fewer unemployed per year, a rate that has been maintained in the last four years. This decrease is distributed among all sectors, mainly in services and construction. The number of unemployed people who lost their job more than a year ago decreases by 417,500 and decreases by 45,900 among those seeking the first job. The unemployment rate fell by 84 hundredths compared to the previous quarter, to 16.38%, the lowest since the fourth quarter of 2008. In the last 12 months, the number of households with all their active members unemployed has decreased. by 244,400, to 1,193 million, and those with all their assets occupied has increased by 412,300.



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