Unemployment In Spain Falls Again In November By 33,521
Spain News
Published: 02 December 2022 09:56 CET
Updated: 31 January 2023 09:56 CET
Unemployment in Spain fell again in November official data showed on Friday, suggesting that the labour market in Spain remains strong despite a slowing economy.
Official data from the Ministry of Labour and Social Security showed that there were 33,412 fewer unemployed meaning a drop of 1.2% on October.
It means that there are now 2,881,380 people unemployed, the lowest number for November since 2007.
It is the second consecutive month that the number of unemployed has fallen. The number of females unemployed saw the biggest fall, down 19,199 on the previous month to 1,727,559.
On the other hand, unemployment among men was also reduced by 14,313 compared to October meaning that are now 1,153,821 out of work.
It follows a recent announcement that inflation had also eased to 7.3% in October, coupled with improved retail sales suggesting that the country could potentially avoid falling into a recession this winter.
November is usually a bad month in terms of employment as it is when the tourist season ends.
However, according to Turespaña, the number of tourists visiting the country surged in October registering 7,941,572 international arrivals. This represents 95 percent of the numbers that visited the country back in October 2019.
Unemployment in younger people also fell significantly, especially in the under 25s which saw a reduction of 4,182 to 207,936.
In terms of Sectors, it was services which lead the way with a fall of 25,083. This was followed by agriculture with 4,507, industry with 3,783, and construction with 1,924.
Meanwhile, research from BBVA estimates that growth for 2022 will be 4.4 percent, up from their previous forecast of 4.1 percent. However, the forecast for 2023 is not so encouraging with growth expected to hit 1 percent, down from the previous forecast of 1.8 percent.
Source
https://www.reuters.com/markets/europe/spanish-unemployment-falls-nov-job-creation-continues-2022-12-02/
https://www.20minutos.es/noticia/5081644/0/el-paro-vuelve-a-bajar-en-noviembre-en-33-521-personas-con-el-debate-abierto-sobre-el-calculo-de-fijos-discontinuos/
https://www.bbva.com/en/bbva-research-raises-its-2022-growth-forecast-for-spain-to-4-4-percent-but-lowers-its-2023-forecast-to-1-percent/
