• Employment grows at an annual rate of 1.6%, half a point above the second quarter
  • The increase in employment is focused on the private sector, services and long-term unemployed
  • The unemployment rate drops to 23.7%, eight tenths lower than the second quarter
  • The number of households with all their unemployed members falls by 44,600 and those who are all employed grow by 165.00

According to the estimates of the Active Population Survey (EPA) prepared by the INE, employment increased by 151,000 people in the third quarter of 2014 compared to the previous quarter, 0.9% more. This increase is significantly higher than that registered in the same quarter of 2013 (69,400) and represents the largest increase in a third quarter since 2007. In the last year 274,000 jobs have been created, 1.6% more. This rate is half a point higher than the previous quarter and the highest since the second quarter of 2008. Unemployment has been reduced by 195,200 people between July and September, which is the biggest drop in a third quarter of the historical series. The total number of unemployed people stands at 5,427,700 and the unemployment rate decreases eight tenths, to 23.7%.

From a sector perspective, the inter-quarterly increase in the number of employees has been concentrated in the non-agricultural sector, with increases of 108,800 in services, 71,800 in industry and 43,500 in construction. On the contrary, agriculture scored a reduction of 73,100 jobs. With respect to a year earlier, the level of employment increases in services, with 230,700 more employed, and in industry, with 82,100, while construction loses 5,600 and agriculture 33,200. The construction moderates the rate of fall 4.8 percentage points, up to 0.5%, while agriculture accentuates it three points, up to 4.8%.

By age groups, the greatest increase in employment has been registered in groups of 40-45 years (54,000 more employed) and 55 and over (53,600). In view of the professional situation, the quarterly advance of employment has corresponded to 95,700 employees and 58,500 non-employees. The increase in employment has been concentrated in the private sector, 154,900 more jobs, while in the public it has decreased by 3,900 people. With respect to a year earlier, the private sector increases its troops by 291,600 and the public reduces them by 17,700, with interannual rates of 2% and -0.6%, respectively.

The quarterly increase of employees has corresponded to workers with a temporary contract, 122,400 more, while those with an indefinite contract have been reduced by 26,700. After this result, the temporary rate rises 0.6 points compared to the second quarter, to 24.6%. In relation to a year earlier, workers with an indefinite contract increased 1.3%, compared to the more moderate advance of the previous quarter (0.3%), and those with temporary contracts grew 4.6%, lower rate by 1 , 9 points to the second quarter of 2014.

Full-time employees increased by 370,700 in the third quarter, while part-time employees decreased by 219,700. With respect to the same period of 2013, the full-time ones registered a rate of 1.8% and the part-time ones of 0.4%. This implies an acceleration of one point in the first group and a deceleration of 2.2 points, in the second. Following these results, the weight of part-time workers over the total has decreased 1.4 points in the quarter, with the bias rate at 15%.

Unemployment fell by 195,200 people in the third quarter of 2014, which is the biggest drop in a third quarter of the homogeneous historical series. After this result, the total unemployed stands at 5,427,700 people and the unemployment rate drops eight tenths, to 23.7% of the active population. With respect to a year earlier, unemployment has been reduced by 515,700 people, 8.7%, compared to 1.7% in the second quarter. The quarterly fall in unemployment has affected both men and women. In the first group, it decreased by 138,700 people, with an unemployment rate of 22.5%, and in women it dropped by 56,500, with a rate of 25%.

By branches of activity, unemployment decreased compared to the previous quarter in all economic sectors, except in agriculture where it increased by 24,200 people. The largest reduction took place in services (85,700), followed by construction and industry, with 32,000 and 19,000 fewer unemployed, respectively. In the group of people who lost their jobs more than a year ago, unemployment decreased by 122,300 people, while the unemployed seeking first job increased by 39,700.

The number of households with all their active members unemployed has decreased in the third quarter by 44,600 and that of households with all their active members occupied has increased by 165,400.

The active population decreased by 44,200 people in the third quarter, in line with the path of consecutive declines started at the end of 2012 and interrupted in the second quarter of 2014. Regarding a year earlier, this record has decreased by 241,700 people, the 1 %, same as in the previous quarter. It responds mainly to the decrease in the foreign active population. The quarterly decline of the active population together with the stabilization of the population aged 16 or over has resulted in a slight reduction in the activity rate, one tenth, to 59.5%.

The EPA of the third quarter of 2014 confirms the favorable results anticipated by the Social Security affiliations and the registered unemployment corresponding to that same period. The number of employed persons increases in year-on-year terms for the second consecutive quarter and in an accelerated manner, the number of unemployed falls to a record of the historical series for a third quarter and the unemployment rate drops. These data support the recovery of the Spanish economy despite a less favorable European environment and provide a fundamental support for the evolution of private consumption and economic activity. It is a trend that we hope will continue in the coming quarters.



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