- 435,900 jobs have been created in the last year, at a rate of 2.36% in the first quarter
- The temporary rate stands at 26.11%, 60 hundredths less than in the previous quarter
- The unemployment rate stands at 16.74%, with a decrease of two points in the last year
- The number of households with all assets unemployed decreases by 152,800 and those with all employed increase by 337,300
The number of unemployed fell by 458,900 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 (EPA) published by the National Statistics Institute (INE). This is a drop of 10.79%, which accumulates four and a half years of unemployment reduction. The unemployment rate remains practically stable compared to the previous quarter, at 16.74% (up 20 hundredths), and is down 2.01 points compared to a year ago. In the same period, 435,900 jobs have been created, at an annual rate of 2.36%. More than half of the new salaried employment is permanent (61.7%) and the temporary rate stands at 26.11%, 60 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 and is on the way to the fifth year of improvement in employment levels and reduction of unemployment. Unemployment has been reduced since mid-2015 to double-digit year-on-year rates. Jobs are being created at a rate of around half a million a year, which will allow achieving the goal of 20 million employed in 2020. In the first quarter of 2018, the unemployment rate stood at 16.74 %, more than 10 points below the maximum reached in 2013 and at levels lower than those of 2009.
The data for the first quarter partly reflects the seasonality of the labor market in Spain. Employment decreased by 124,100 people compared to the last quarter of 2017. With seasonally adjusted series, employment increased 0.46% quarter-on-quarter, that is, a rate similar to the previous quarter. Mainly temporary employment has been destroyed (128,900 fewer jobs). Full-time employment falls (by 133,100 people) and part-time employment increases (by 8,900 people).
The annual comparison eliminates the seasonality component and therefore better reflects the pulse of the labor market. In the last twelve months, 435,900 jobs have been created, at an annual rate of 2.36%. Job creation in the last year has been mainly concentrated in the private sector, with 304,000 more employees. In these twelve months, full-time employment increased by 495,900 people and part-time employment fell by 60,000 people. The number of salaried employees with an indefinite contract increased by 278,500 workers and with a temporary contract, by 173,000.
Regarding unemployment figures, in the first quarter of 2018, the number of unemployed rose by 29,400 people, compared to the increase of 17,200 in the first quarter of last year. In this period, unemployment has decreased among those under 25 years (by 42,900). The number of long-term unemployed (people who lost their job more than a year ago) is reduced by 37,400 and by 46,900 among those seeking their first job. In the annual calculation, unemployment has decreased by 458,900 people, of whom long-term unemployment has decreased by 296,100 and by 52,200 among those seeking their first job. In the last twelve months, the number of households with all their active members unemployed has decreased by 152,800 and those with all their active assets have increased by 337,300.