- 408,700 jobs have been created in the last year, at a rate of 2.3% in the first quarter
- Almost half of the new employee contracts were permanent and the vast majority were full-time
- The unemployment rate stands at 18.75%, with a decrease of 2.25 points in the last year
- The number of households with all assets unemployed falls to 216,200 and those with all employed rise to 321,600.
The number of unemployed fell by 536,400 people in the first quarter of the year compared to the same period of the previous year, according to data from the Labor Force Survey published by the INE. This is a fall of 11.2%, which accumulates three and a half years of unemployment reduction. The unemployment rate remains practically stable, at 18.75% (up 12 hundredths) and falls 2.25 points compared to a year ago. In the same period, 408,700 jobs have been created, at an annual rate of 2.3%, and with three consecutive years of positive evolution. Almost half of the new salaried employment is permanent and full-time and the temporary rate stands at 25.75%, 72 hundredths less than in the previous quarter.
The evolution of the labor market reflects that the recovery of the Spanish economy is consolidating at a good pace. It is on the way to the fourth year of improvement in employment levels and reduction of unemployment. Unemployment has decreased by more than half a million annually in recent quarters, with an advance of more than double digits. Employment is created at a rate of 2.3%, also around half a million in recent years. The number of employed is currently 18,438 million and the number of unemployed is 4,255 million. Since the worst moment of the crisis, in Spain almost 1.5 million net jobs have been created, the number of unemployed has decreased by two million people and the unemployment rate has dropped by more than eight points. In the first quarter of 2017, the percentage of unemployed over the active population stood at 18.75%, at levels very close to those of 2009.
The data for the first quarter partly reflects the seasonality of the labor market in Spain. Employment decreased by 69,800 people compared to the last quarter of 2016, a similar fall to that which occurred in the same period of the previous year. If the data is seasonally adjusted, employment increases 0.7% quarter-on-quarter, which is an acceleration of three tenths compared to the previous quarter. Temporary employment (122,600 fewer jobs) has been destroyed while permanent employment has increased (78,000 more jobs). Full-time employment decreases (by 111,100 people) and part-time employment increases (by 41,300 people).
The annual result eliminates the seasonality component and, therefore, better reflects the pulse of the labor market. In the last twelve months, 408,700 jobs have been created, at a rate of 2.3%, a rate equal to that of the previous quarter. Job creation in the last year has been concentrated entirely in the private sector, with 453,100 more employed persons, while it has been reduced in the public sector, by 44,400 employed persons. In these twelve months, full-time employment increased by 365,200 people and part-time employment increased by 43,400 people. The number of employees with an indefinite contract increased by 195,600 workers and with a temporary contract, by 210,100.
Regarding unemployment figures, in the first quarter of 2017, the number of unemployed rose by 17,200 people, compared to the increase of 11,900 in the first quarter of last year. In this period, unemployment has decreased among those under 25 (at 22,100) and among those over 55 (at 13,900). The number of long-term unemployed is reduced by 75,800 (people who lost their jobs more than a year ago) and by 25,200 among those seeking their first job. In the annual calculation, unemployment has decreased by 536,400 people, of whom long-term unemployment has decreased by 391,100 and by 27,300 among those seeking their first job. In the last twelve months, the number of households with all their active members unemployed has decreased by 216,200 and those with all their active assets have increased by 321,600.