• 408,700 jobs have been created in the last year, at a rate of 2.3% in the first quarter
  • Virtually half of the new employee contracts were indefinite and mostly 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 by 216,200 and rises by 321,600 who are all employed

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 Survey of Active Population 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 down 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 indefinite and full-time and the temporary employment rate is 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 its way to the fourth year of improving employment levels and reducing unemployment. Unemployment is reduced by more than half a million annually in recent quarters, with an advance greater than two 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, almost 1.5 million net jobs have been created in Spain, the number of unemployed has fallen 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 people over the active population stood at 18.75%, at levels very close to 2009.

The data for the first quarter partly reflects the seasonality of the labor market in Spain. The occupation decreased by 69,800 people compared to the last quarter of 2016, a drop similar to that which occurred in the same period of the previous year. If the data is seasonally adjusted, employment increases 0.7% in the inter-quarterly rate, which means an acceleration of three tenths compared to the previous quarter. Temporary employment has been destroyed (122,600 fewer jobs) while indefinite hiring has increased (78,000 more jobs). It lowers full-time employment (in 111,100 people) and increases in part-time employment (in 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%, the same rate as the previous quarter. Last year's job creation has been concentrated entirely in the private sector, with 453,100 more employed, while it has been reduced in the public sector, by 44,400 employed. In these twelve months, full-time employment increases by 365,200 people and part-time employment rises 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.

As for unemployment figures, in the first quarter of 2017, the number of unemployed rose by 17,200 people, compared to an increase of 11,900 in the first quarter of last year. In this period, unemployment has been reduced among those under 25 (in 22,100) and among those over 55 (in 13,900). The number of long-term unemployed is reduced by 75,800 (people who lost their job more than a year ago) and 25,200 among those seeking their first job. In the annual calculation, unemployment has been reduced by 536,400 people, of which long-term unemployment has fallen by 391,100 and 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 assets occupied have increased by 321,600.

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